Turkey-US economic ties could get to ‘higher standards’

ISTANBUL

The economic cooperation between Turkey and the United States could grow in the near future as the Russia-Ukraine conflict increases uncertainities, Myron Brilliant, executive vice president and head of international affairs at the U.S. Chamber of Commerce, has said in Istanbul.

“We could work on a Trade and Investment Framework Agreement [TIFA] and improve our digital cooperation. This means higher standards,” he said at a breakfast meeting with executives of the Turkey-U.S. Business Council (TAİK) on March 18.
“Russia’s invasion of Ukraine creates a situation that should be interfered in quickly. The U.S.-Turkey ties are important as ever. We deem Turkey as a commercial hub. I think that there are opportunities in Turkey for the U.S. companies but some reforms should continue. Dialogue between the two governments continues. We could provide strategic support to U.S. companies with a better insight for manufacturing and investing in Turkey. That’s one of the reasons that we are here,” he said.

TAİK head Mehmet Ali Yalçındağ said that they are making efforts to attract a quarter of nearly 5,000 companies leaving the Russian and Ukrainian markets over Moscow’s offensive on Kyiv.

“A stable and strong Turkish-U.S. partnership, alongside a stable and strong Turkey, is a key to peace in Europe and the Middle East,” he said.

He noted that Turkey-U.S. bilateral trade volume increased from $22 billion in 2020 to $28 billion last year, making Washington Ankara’s second biggest trade partner.