Turkey Us Trade Agreement

Author: Georald Camposano | December 19th, 2020

“So we have to solve these problems and the next step would be a free trade agreement,” he concluded. But Ankara had hoped that Washington would not advance the decision and said it would oppose the $75 billion target for mutual trade between President Donald Trump and Turkish President Tayyip Erdogan. According to a WorldCity analysis of most updated data from the Census Bureau us, Turkey`s trade with the United States in the first four months of 2020 was $7.66 billion, an increase of nearly 17% over the same period of the previous year. “While this has not been the case in the past, Turkey and the United States could potentially increase their trade. Differences of opinion between the United States and China could create a good opportunity for Turkey to see it,” Vergil said. “If you ask me what the United States and Turkey could do to change relations for the better, it would be a free trade agreement – not only that more trade would reach $100 billion, but also to effectively integrate economies through a free trade agreement,” Graham said Wednesday at a conference hosted by the U.S. Economic Council and Turkey. Finally, Lindsey Graham, a powerful Republican senator who would have a strong influence on U.S. President Donald Trump, suggested that relations between Washington and Ankara could move to the next level if the two allies signed a free trade agreement.

The following agreements have been replaced by the EU-Turkey customs union: tariffs on Turkish steel products and Turkey`s removal of the system of generalised preferences for trade have also been seen by Ankara as restrictions, as he pointed out. In 2018, Turkey was the 28th largest U.S. merchandise export market and the 33rd largest supplier of merchandise imports. Turkey is the world`s tenth largest buyer of LNG exports to the United States and an emerging regional energy centre. Major export categories from the United States to Turkey include aircraft, mineral fuels, iron and steel, machinery, cotton and agriculture. Among the main categories of import from Turkey are machinery, vehicles, carpets and other textile coatings, iron and steel and their products, agriculture and stone, plaster, cement. Reported U.S. direct investment in Turkey is mentioned through production, wholesale trade, financing and insurance.

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