Weekly Trade Spotlight: U.S.-Turkey Trade and Investment Relations
June 25, 2012
United States Trade Representative Ron Kirk is traveling to the Turkish cities of Istanbul and Ankara with Acting Secretary of Commerce Dr. Rebecca Blank this week to hear directly from stakeholders and attend the second meeting of the U.S.-Turkey Framework for Strategic Economic and Commercial Cooperation (FSECC). This trade spotlight highlights the importance of U.S.-Turkey trade and investment relations.
U.S. Trade Representative Ron Kirk and former Secretary of Commerce Gary Locke teamed with their Turkish co-chairs in 2009 to launch the U.S.-Turkey Strategic Economic and Commercial Dialogue (FSECC). By addressing issues including intellectual property rights, investment climate, biotechnology and pharmaceuticals, the U.S.-Turkey trade relationship is maturing and becoming more sophisticated. Developing services such as banking and industries like manufacturing are well positioned to increase in influence and size.
U.S. Trade Representative Ron Kirk delivers remarks at the American Turkish Council's Annual Conference
With a GDP that has tripled since 2001, Turkey’s growing economy presents significant trade opportunities for U.S. businesses. Strategically located at the crossroads between Europe, the Middle East, North Africa and Central Asia, Turkey’s trade profile is rising at both regional and global levels. This potential is supported by an 8.5 percent economic increase in 2011, second only to China. But Turkey still has not reached its full economic potential, and the U.S. has worked hard to strengthen trade and investment relations that will benefit American businesses and manufacturers for today and the future.
In 1980 two-way trade in goods between Turkey and the United States was around $900 million. In 2011, it was over $20 billion, making it the United States’ 32nd largest goods trading partner. U.S. goods exports to Turkey totaled nearly $15 billion in 2011, which represents almost a 39 percent increase from 2010 and a 292 percent increase from 2000. The top U.S. export categories were aircraft, iron and steel, mineral fuel, cotton yarn and fabric, and machinery. Additionally, Turkey is the United States’ 10th largest agricultural export market, with 2011 bringing in a total of $2.5 billion. Leading categories of agricultural exports were cotton, wheat, tree nuts, and live animals.
U.S.-Turkey trade and investment relations hold immense promise for the U.S. economy. Turkey’s ability to influence economic and political reform throughout its surrounding area, combined with rapid economic growth, has led USTR to work hard to strengthen and improve our already constructive relationship. These efforts will generate new investment and export prospects for American businesses and manufacturers, ultimately creating new jobs and opportunities here in the United States.