US aims to boost trade with Turkey

WASHINGTON - Anatolia News Agency

US Congressmen at the House of Representatives’ Foreign Affairs Committee say Turkey’s pharmaceutical sector provides opportunities for US companies to invest. AFP photo

The United States House of Representatives’ Foreign Affairs Committee, in a session discussing economic relations with Europe and Eurasia, has come to the conclusion that the U.S. should increase its trade ties with Turkey, especially in the area of pharmaceuticals and encourage Turkey to open up its pharmaceutical market.

Republican Congressman Dan Burton said there are many opportunities for American exporters to trade with Turkey, given the country’s strong economic growth.

He also said the upcoming construction of the third Bosporus bridge in Istanbul will require Turkey to invest tens of billions of dollars in roads and infrastructure, and this will offer a window of opportunity for Western companies who seek to invest in the country.

Democratic Congressman Gregory Meeks said “It is very important for us to foster trade with Turkey and Russia given both their strategic and large markets.”

Pharmaceutical market

The committee concluded that the Turkish pharmaceutical market is one area in which Turkey should make efforts to open up and reduce barriers to entry for foreign firms. High-level negotiations with the U.S. on this front continue, according to the Anatolia news agency.

U.S. Chamber of Trade for Europe and Eurasia region Vice President Peter Rashish said that trade between the U.S. and Turkey was far too low given the level of economic and political relations between the two countries.

He added that Turkey’s quest to become one of the top ten economies by 2023 looked difficult, but not impossible given the growth in the Turkish economy over the past ten years. He said the U.S. could play an important role as a facilitator.