Erdogan: Current pace could take Türkiye-US trade volume to $100B

Türkiye's trade volume with the US could reach $100B "in a short time" if the current momentum is kept "decisively," the Turkish president has told a business conference in New York, on the sidelines of the UN General Assembly.

"As long as we preserve this momentum our bilateral trade volume will reach the target of $100 billion in a short time frame," President Recep Tayyip Erdogan said on Thursday. 

Erdogan said the US is Türkiye's second major export partner and fourth in terms of imports, adding that "trade volume increased by 30 percent this year and we have reached the level of $22 billion."

In 2021, Turkish-American business volume stood at $28 billion, he said.

He said direct investments from the US in Türkiye have reached $14.1 billion and Turkish companies' investments in the US are at $8.6 billion.

Tapping on defence industry, President Erdogan said US measures on Türkiye "contradicts the spirit of alliance," and negatively affect NATO geography.

"This biased attitude, which has arisen as a result of the pressure exerted by some lobbies on decision-makers, also harms American interests," he added.

Erdogan recalled the Covid-19 pandemic and Russia's offensive on Ukraine have disrupted supply chains mainly in the food and energy sectors and many countries are struggling with high inflation rates.

He said Türkiye managed to overcome these challenges in terms of growth, exports and employment, adding that Türkiye's economy recorded 11 percent growth last year, which he said was the largest rate among G20 nations.

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LNG purchase

Despite the pandemic, Türkiye maintained its balanced growth, and its exports exceeded $250 billion on an annual basis as of September, said Erdogan.

Between 2003-2021, Türkiye attracted more than $240 billion in foreign direct investment and $14 billion last year, said the president.

Stating that Türkiye and the US have mutual trade and investment opportunities in almost every sector, Erdogan said Türkiye has a key role in diversifying routes and resources for energy security.

The president recalled that the US is Türkiye's second-largest liquefied natural gas (LNG) supplier and said Türkiye wants to purchase more LNG "on favourable terms," adding it is ready for cooperation in the delivery of American LNG to other nations in the region.

The president also called for the lifting of US steel and aluminum tariffs imposed on Türkiye in 2018, which will significantly contribute to joint efforts between the two nations.

Erdogan said Türkiye hosted more than 500,000 American tourists in the first seven months of this year.

Erdogan said it happened thanks to the contribution of Turkish Airlines flying from Istanbul to 12 destinations in the US.

"I believe that this number will increase in the coming period," he said.

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