Turkey, US turn new page on trade
Thursday, 10 December 2009 04:52
Prime Minister Recep Tayyip Erdoğan’s visit to Washington, D.C. signaled a new page in economic relations between the two NATO allies, as top officials from both sides revealed details of a “new framework mechanism.”
Speaking at a press conference in the U.S. capital, Economy Minister Ali Babacan announced the establishment of a new body that will include two top officials from both sides. The new mechanism, which includes U.S. Trade Representative Ron Kirk, U.S. Trade Secretary Gary Locke, Babacan and Turkish State Minister Zafer Çağlayan, aims to advance bilateral trade and investment.
The four-member grouping will meet regularly “in Washington, Ankara or Istanbul,” Babacan said, according to the Anatolia news agency. The idea of this new body was floated during U.S. President Barack Obama’s Turkey visit, Kirk said, thanking James Jeffrey, the U.S. Ambassador to Ankara, for his contributions.
The first meeting of the “mechanism” will be held in spring in Washington, D.C, while the second one will be held in Turkey, again next year.
“This mechanism will be a tool to expand bilateral trade and investment and create new job opportunities for both sides,” Locke said. “The trade volume in 2008 reached $15 billion, but much better can be done. The slowdown of the past year in global trade has also affected Turkish-American economic relations. As the global economy recovers, bilateral trade will continue its upward trend.”
The two sides will also form a “Turkish-American Council,” which will bring together business leaders who are expected to develop suggestions on strengthening economic ties.
“We are one of the few countries which did not implement any protectionist measure during the crisis,” Babacan said. “We have no problems in banking and the financial sector. Turkey is the only country that did not have to support its banks among members of the Organization for Economic Cooperation and Development. We support easier and more trade and seek ‘win-win’ solutions.”