Türkiye may reach $100B trade volume with US 'in a short time': President

By Servet Gunerigok

NEW YORK (AA) - Türkiye's trade volume with the US will reach $100 billion "in a short time" if the current momentum is kept "decisively," President Recep Tayyip Erdogan said Wednesday.

Speaking at an investment event hosted by the Turkey-US Business Council in New York, President Erdogan said the US and Türkiye are "friendly" and "strategic" friends and the cooperation between the two nations has contributed to the peace in certain regions around the world.

Erdogan recalled that the COVID-19 pandemic and Russia's war in Ukraine have disrupted supply chains mainly in the food and energy sectors and many countries are struggling with high inflation rates.

He said Türkiye managed to overcome these challenges in terms of growth, exports and employment, adding Türkiye's economy recorded 11% growth last year, which he said was the largest rate among G20 nations.

Despite the pandemic, Türkiye maintained its balanced growth, and its exports exceeded $250 billion on an annual basis as of September, said Erdogan.

Between 2003-2021, Türkiye attracted more than $240 billion in foreign direct investment and attracted $14 billion last year, said the president.

Türkiye wants to purchase more liquefied natural gas (LNG) "on favorable terms" said Erdogan, adding it is ready for cooperation in the delivery of American LNG to other nations.

The president also called for the lifting of US steel and aluminum tariffs imposed in 2018, which will significantly contribute to joint efforts between the two nations.