On Tuesday, the US Commerce Secretary Wilbur Ross said that his country’s liquefied natural gas (LNG) exports to Turkey can be vital in the bilateral volume trade volume target of USD100 billion.
Previously in June 2019, Turkish President Recep Tayyip Erdoğan and his U.S. counterpart Donald Trump increased the goal for bilateral trade to USD100 billion from the previous USD75 billion.
However, in 2019, the US posted a trade deficit of USD600 million with Turkey from a total bilateral trade volume of USD20.6 billion. Turkey’s imports from the US dropped to USD10 billion from USD11.7 billion between 2014 and 2019.
About 1,700 US firms are currently operating in Turkey, with 60 of them have regional headquarters in the country.
Ross stated, "Despite the economic challenges faced by both nations during the coronavirus pandemic, the U.S. is committed to pursuing more commercial opportunities with Turkey.”
