Türkiye among countries with lowest tariffs, thanks to balanced trade volume, and serious investments, Murat Tuzcu says
Evaluating US tariff decisions, the Turkish deputy trade minister has said Türkiye does not pose a risk for the US in the trade field, as Türkiye is on the "white list."
Murat Tuzcu, speaking at an event, "Towards the $100 Billion Trade Volume Target: A New Era in Turkish-American Economic Relations," organized by the Foreign Economic Relations Board of Türkiye (DEIK) on Wednesday in Istanbul, said Türkiye aims to raise its share to 1.5% in the US imports, worth $3.5 trillion.
Türkiye is one of the countries with the lowest tariffs and has a balanced trade volume and serious investments in the US, just as America does in Türkiye, Tuzcu said.
"Even though a limited number of countries have achieved this export, countries with production and manufacturing capabilities close to similar export figures and trade volumes," he stated.
Türkiye's exports to the US are currently between $16 and 17 billion; while it has made significant progress over the last decade, they remain low, he noted.
"This is even lower when we exclude products like petroleum and energy; the number of products we include in this basket needs to increase," he stressed.
He added: "We have specifically identified a roadmap for removing products from countries that will lose market share due to these tariffs, prioritizing which products will allow us to compete, and prioritizing specific areas and sectors.
"To increase our exports, we need to make different plans based on different scenarios."
- Tariffs bring new opportunities
Nail Olpak, head of DEIK, said there are 10 countries able to reach the $100 billion level in bilateral trade with the US.
He explained that the $100 billion target is not only symbolic but also has a special meaning, adding: "The defense industry is one of the areas we are talking about a lot these days, and one we will continue to discuss because it will be talked about a lot.
"We are definitely discussing digital technologies and energy as well."
Murat Ozyegin, head of the Türkiye-US Business Council, also recalled that the presidents of Türkiye and the US had previously agreed on a $100 billion trade volume target.
He noted that the current trade between the two countries, worth $45 billion including the services sector, demonstrates the strong potential for achieving this goal.
Ozyegin stressed that the recent tariff regulations and geopolitical developments on the US agenda have brought new opportunities and risks, adding: "The balanced bilateral trade between our country and the US distinguishes us positively in this regard.
"During this process, the increased visibility of Turkish companies in the US market through high-value-added investments contributes to the formation of a true strategic partnership between the two countries."
