Evaluation from Minister of Trade Ömer Bolat regarding US contacts

Minister of Commerce Ömer Bolat, who accompanied President Recep Tayyip Erdoğan in New York for the 81st General Assembly of the United Nations (UN), evaluated his contacts in the USA.

Stating that New York became the heart and center of world politics in September, Bolat stated that they held meetings with both their counterparts and the American business and investment circles on issues such as economy, finance, foreign trade, energy, industry and environment.

Bolat explained that they participated in various business and investment events organized by the Foreign Economic Relations Board (DEİK), Turkey-US Business Council (TAİK), Turkish-American Businessmen Association (TABA-AmCham), Anatolian Lions Businessmen Association (ASKON) and Global Turks Foundation.

Regarding the issues brought up in these events, Bolat said, "We explained Türkiye's economic successes, investment and trade opportunities, and the incentive system implemented to attract foreign investments." he said.

"THERE IS AN ACCELERATION IN TURKISH-AMERICAN RELATIONS"

Bolat pointed out that there has been an acceleration in Turkish-American economic relations, especially in the last two years, and said, "It is very possible for our total trade to reach 42-43 billion dollars with an increase of over 10 percent this year. 8-month data shows this." he said.

Stating that approximately 2,300 American companies invested in Türkiye, Bolat said that these companies had an investment of 16.5 billion dollars in capital stock, and that the total capital they brought to Türkiye over the course of decades was close to 60 billion dollars.

Bolat stated that companies operating in the country from Türkiye have invested approximately 14.5 billion dollars to take advantage of trade and investment opportunities in the USA.

Stating that Turkey-US economic relations are at a high level in areas such as defense industry, joint investments, mutual investments, energy, transportation and tourism, as well as foreign trade, Bolat said that the USA is one of Türkiye's important foreign trade partners.

Bolat stated that the USA ranks second in Türkiye's exports and fourth in imports, and noted that the USA also ranks second in terms of investments coming to Türkiye.

"OUR PRIVATE SECTORS ARE WORKING INTENSIVELY TOWARDS THE GOALS"

Bolat said, "We are taking firm steps towards the 100 billion dollar target of our President and Mr. (US President Donald) Trump. We said it was possible to reach 43 billion dollars this year, hopefully we will reach 50 billion dollars by the end of 2028." he said.

Stating that the private sectors of the two countries are working intensively towards this goal, Bolat explained that, as the Ministry of Commerce, they continue their activities to increase Türkiye's exports with sectoral and general fairs, sectoral trade delegations, purchasing delegations, general trade delegations and e-commerce activities.

Bolat pointed out that economies and sectors are constantly developing and transforming, and noted that in the past, investments were mainly concentrated in the manufacturing sectors, but in the last 10-15 years, energy, air transportation, services, supply, logistics, digital economy and social media economy have come to the fore.

Stating that President Erdoğan presided over the 19th Türkiye Investment Conference organized by TAİK, Bolat stated that he invited American companies to invest in Türkiye.

Bolat stated that a significant portion of the participants of the conference operate in the fields of finance, air transportation, aviation, digital sector, services, electronics and informatics, and said that these sectors offer investment opportunities for Türkiye.

NEGOTIATIONS ON US CUSTOMS TARIFFS CONTINUE

Referring to the customs tariff move initiated by the USA on April 2, 2025, Bolat reminded that different decisions were made during the process.

Bolat said, "There were customs duties that were canceled by the US Supreme Court. Additional customs duties were reintroduced through another mechanism. Apart from this, additional quotas or additional customs duties ranging from 25 percent to 50 percent were introduced in some sectors due to national security. We are talking about these issues." he said.

Stating that they met with US officials on this issue, Bolat said:

"Turkey is a country that runs a deficit in its trade with the USA. In other words, it is not a country that runs a large surplus in its trade with the USA. The main target of the USA in this protectionism is the countries where it runs large deficits. In this sense, we continue our mutual negotiations considering the situation of our sectors, trade and our general economic interests."

"WE WILL VOICE OUR COUNTRY'S ARGUMENTS AT G20"

Referring to the G20 Trade Ministers Meeting to be held in Milwaukee, Wisconsin, USA next week, Bolat explained that the agenda of the meeting is determined by the host country.

Bolat stated that the agenda topics determined according to the developments in the world conjuncture will be discussed at the meeting and said, "We will be the voice of our country there, we will voice our country's arguments." he said.

Stating that G20 meetings also provide an opportunity to hold bilateral meetings with the trade ministers of other countries, Bolat said that the agendas of the parties are mutually evaluated in these meetings.