On Monday, Turkey’s President Recep Tayyip Erdogan elaborated his aim to boost trade and economic cooperation with the US as the two have been allies for 70 years.
He said that he and his US counterpart Joe Biden aim to expand the bilateral trade volume to USD100 billion.
In 2020, despite the pandemic, the bilateral trade volume between the US and Turkey rose to USD21 billion. Erdogan added that Turkey ranks third among the countries which are the biggest consumers of US exports.
By June 2021, the number of US-based companies conducting business in Turkey had reached 1,971 with US direct investments in Turkey reached USD13 billion. Turkish investors’ direct investments in the US were worth USD7.2 billion.
Erdogan mentioned a diversification of the fields of cooperation will be one of the means to strengthen economic and trade cooperation between the two countries. They should also boost dialogue and cooperation to reach the real full potential of the economic and trade partnership.
"The field of energy holds serious opportunities for both countries...I believe our cooperation in this field will advance more in the coming period,” he explained.
Looking forward, the president hoped that by the end of 2021, the trade volume could hit USD25 billion.
