Union of Chambers and Commodity Exchanges of Turkey

The Turkey-US business luncheon was held at TOBB with TOBB President M. Rifat Hisarcıklıoğlu hosting, with the participation of Trade Minister Ruhsar Pekcan and US Secretary of Commerce Wilbur Ross.

Hisarcıklıoğlu, in his speech here, said that trade is the greatest means of friendship and alliance. Reminded that Turkey exports more than half of its industrial products to the European Union (EU) Hisarcıklıoğlu said, “This is the most concrete indication that of our products’ quality and our competitiveness. All over the world manufacturers are focused on two markets, the US and the EU. They look for both quality and price competition. We are succeeding in these markets. I believe we will achieve the 100 billion USD trade target with the US.”

Hisarcıklıoğlu stated that the trade volume target is essential for both countries to win and the balance should be in the form of 50 billion USD imports and 50 billion USD exports.

Hisarcıklıoğlu emphasized that they expect support and help from politicians in order to reach the target.

“Firstly, a free trade agreement or a preferential trade agreement to the same effect must be signed between the United States and Turkey. strategic cooperation fields should be identified between our countries’ business worlds for innovation and development of new technologies. An agreement similar in structure to Binational Research and Development (BIRD) between the US and Israel in 1977, should be established between Turkey and the United States. This initiative will provide favorable conditions for technology transfer, especially through the private sector.”

- Proposal for the Syrians residing in Turkey

Hisarcıklıoğlu, stating that products produced by Syrian asylum-seekers in an area in Turkey, with special customs consideration by the United States, will facilitate the integration of Syrian refugees into the labor market in Turkey:

“Turkey should be included again GSP Program. Turkey, Section should be exempted from Section 232. Based on past years, anti-dumping applications on pasta, steel and some products should be terminated. US investors' problems and problems experienced in entering the market should be addressed with a constructive approach. The US contracting market should also be opened to Turkish companies."

Hisarcıklıoğlu stated that they are very glad for Minister Ross’ emphasis on the fair distribution of 100 billion USD of trade volume as 50-50%, reporting that they will be providing all necessary support to reach this bilateral trade goal through the Turkish trade centers to be established in various US cities, starting with Chicago.

- Trade Minister Ruhsar Pekcan

Trade Minister Ruhsar Pekcan stated that Turkey and the US can overcome all obstacles by working together, “US Commerce Secretary Wilbur Ross’ 5-day visit is very important and at the same time shows how seriously the US government considers these issues.”

Ministers Pekcan reported that they’ve conducted productive meetings with Secretary Ross and industry representatives regarding Turkey's industrial capacity, capabilities and general outlook.

Pekcan stated that their aim is to reach the target of 100 billion USD trade volume set by President Recep Tayyip Erdoğan and US President Donald Trump. She stated that they have been working with Secretary Ross for this purpose since the April visit to Washington and they have established a workgroup to this end.

Pekcan stated that each sector has created a separate study on this subject and said:

“We shared these studies with Secretary Ross. The reports of the workgroups formed overlaps with each other. This shows that we are on the right track. Every sector is important for us. There are sectors that the US side is very interested in. We have selected some sectors to work together on during the first stage. we will continue to share the work with the private sector and to receive feedback from them.

Pekcan noted that the parties understood each other well and knew what the expectations were, and said that the infrastructure needed for the business community should also be implemented in order to reach the target set.

“Both countries can work together to overcome all obstacles. This five- day visit is very important and at the same time shows how seriously the US government considers these issues. We analyzed all sectors during the visit with him.”

- US Secretary of Commerce Wilbur Ross

US Commerce Secretary Wilbur Ross, stated that Turkey is a great and beautiful country as it has been for a thousand years.

Reporting that they’ve conducted a very fruitful 2.5-hour meeting with President Recep Tayyip Erdoğan, Ross said:

“The meeting was held in a very open and constructive manner. We have discussed the structure and complexity of our business relationships. Today, there are 1,700 US companies doing business in Turkey and they are US' best-known brands. These US companies and their subsidiaries last year accumulated 35.4 billion USD in revenues. this also is equivalent to about 3.5% of Turkey's Gross Domestic. US companies employs 78,000 Turks and are holding assets valued at 31 billion USD in Turkey. We can consider these very long-term investments. US companies are very useful for Turkey. We are there to strengthen the commercial interests of both countries.”

Ross stated that trade relations between the two countries have also weathered the ups and downs of being in a geopolitical alliance, “Turkish companies are engaging in direct investments in the United States. These investments broke the record last year and reached 300 million USD. Turkey ranks 15^th among countries for foreign direct investment in the US. Turkish companies' sales in the US reached a record 700 million USD. We hope this will continue.”

Ross said that economic success depends on transparency, predictable judicial system, protection of intellectual property and human rights and reasonable legal framework. “To this end, it is very important to protect US companies. It is very important for US companies to engage in cooperation in the fields of energy, agriculture, tourism and other sectors; I would like to encourage you to cooperate in such a manner for a win-win model.”

- “We have discussed issues and existing obstacles”

Noting that the tradition of working together between the two countries should be further developed, Ross concluded:

“In the meeting, we discussed the problems and the existing obstacles. We had very open talks. Especially regarding the F-35 and the missile systems; the most urgent need is to announce specific and concrete data. Otherwise, the fallout caused by these problems will affect other areas of our relations and influence commercial relations.”

- “I was very impressed with Hisarcıklıoğlu's speech”

Ross stated that he was impressed by TOBB President Rifat Hisarcıklıoğlu's speech to increase the trade volume between the two countries and added, “It is quite possible to increase our bilateral trade volume by several billion USD in just a couple of days. We can attain our 100 billion USD bilateral trade goal quicker this way.”