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Turkish US Trade to Increase by a Factor of 3

Posted on 28 January 2010

Speaking at a lunch hosted by the Turkish–American business council, U.S. Ambassador to Ankara James Jeffrey has said that trade between the two nations could increase by up to three times.

After taking time to understand the problems and develop a plan for trade relations, Turkey and the United Sates have come up with a framework proposal that includes the signing of several agreements, said Jeffrey.

He said that compared to Turkey’s trade with the US was much smaller than its trade with the EU, with the Middle East and even Africa. This is now to be rectified with trade and investment agreements as well as economic partnership agreements that are all currently in the pipeline.

“U.S. economic relations with Turkey are not simple statistics. They involve geo-strategic cooperation,” he said, adding that Turkey and the U.S. are cooperating on the Nabucco project, the pipeline for bringing Caspian Sea gas to Europe, as well as on investment opportunities in Afghanistan and Pakistan.

The 3x increase reference is to come mainly from increases in trade from within the military, aviation and automotive sectors.

This is just the kind of news Turkey needs to keep rolling. A deal with the International Monetary Fund is still elusive, and be that by design or by accident it could hinder Turkey’s chances of securing finance for expansion from international sources.

The recent bond issuance was a sign of hope for the future, but a government with the expansion hopes of Turkey cannot grow on bonds alone. Increases in trade like this can only increase the investment worth of the Turkish economy.

Recently similar statements have been made with regards to Brazil and China, known as two of the world’s leading emerging markets, which Turkey is fast joining the ranks of itself.

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