(MENAFN) The Turkish business community is gearing up for Leader Recep Tayyip Erdogan's upcoming visit to the United States in May, marking a significant return after a hiatus of five years. Expectations are high as businesses anticipate a further strengthening of Turkish-US trade ties during this pivotal diplomatic engagement.
Leader Erdogan's last visit to the US took place in 2019, during which both he and then-US Leader Donald Trump set an ambitious target of achieving a USD100 billion bilateral trade volume. Since then, there has been notable progress in trade relations between the two countries. According to data compiled by a Turkish news agency from the Turkish Statistical Institute, the bilateral annual trade volume surged from USD20.77 billion in 2019 to USD30.6 billion in 2023, marking a remarkable 47.3 percent increase over the five-year period.
In particular, the United States emerged as the second-largest destination for Turkish exports in the past year, with Turkish exports to the US soaring by 65 percent to reach USD14.8 billion during the same period.
Murat Ozyegin, who heads Turkey's Foreign Economic Relations Board's (DEIK) Turkey-US Business Council (TAIK), expressed readiness during a press conference on Friday to intensify efforts aimed at elevating the strategic partnership between Turkey and the US to new heights, with a strong emphasis on representing economic and trade relations at a high level.
Ozyegin emphasized that TAIK is actively engaged in fostering dialogue and collaboration between the two nations, with a particular focus on Washington and New York. The goal is to capitalize on the recent positive momentum in Turkish-American relations and translate it into tangible economic outcomes, further solidifying the economic partnership between the two nations.
MENAFN21042024000045015839ID1108119345
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.