The United States and Turkey to seek for new perspectives in trade relationships

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The United States and Turkey to seek for new perspectives in trade relationships

The commercial and trade delegations from the United States and Turkey will hold a bi-lateral cooperation meeting under the auspices of the Trade and Investment Framework Agreement (TIFA) signed between Turkey and the U.S. in 1999.

The Turkish Ministry of Economy released a statement announcing that the 10th Term Meeting of TIFA will be held on Sept. 12-13 in Ankara.

Assistant Secretary for Turkish Ministry of Economy will lead the Turkish delegation, while Assistant U.S. Trade Representative Dan Mullaney will be leading this team, according to the statement. The main objective of the meeting will be to develop and assess positive steps to increase commercial and economic relations between two countries.

There is a general consensus on the existence of the great potential to improve relations between Turkey and the U.S. in terms of trade and investment.

Additional steps for liberalizing and deepening commercial relations between two countries in the long term will also be reviewed. Thus, the first stage of the meeting agenda will involve U.S. protection measures concerning iron and steel products that influence exports to Turkey to an important extent and increasing protective trends as a result of developments on enquiries for iron and steel and aluminum for the purpose of national defense.

Moreover, the current state of the on-going technical process to include black figs, pomegranates, tomatoes, cherries, peaches, melons and paprika on the U.S. list of importable fresh fruit and vegetables from Turkey is one of the issues to be dealt with in the meeting.

Bilateral trade between Turkey and the U.S. rose to $17.5 billion in 2016. In the eight-month-period of 2017, exports by Turkey to the U.S. reached $4.4 billion, while imports from the U.S. stayed at $5.7 billion. In 2002-2016, the U.S.-led direct investments in Turkey reached $11.2 billion.

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