Union of Chambers and Commodity Exchanges of Turkey

Hisarcıklıoğlu; “Our exports to the US were 11.2% of our total at the start of the 2000’s. This means we had 27.7% in exports at the start of the 2000’s. Our exports to the USA were 3.13 billion dollars. As time passed Turkey’s exports volume grew. Exports numbers increased. But our export to the USA decreased. In 2010 our exports reached 114 billion dollars while our exports to the USA stayed at 3.76 billion dollars. It decreased as a ratio. Our share of USA’s total import regressed to 3%. The USA is not among the top 5 countries we export to, only the 7th. However in the same period, USA’s export to Turkey increased dramatically.

For this reason our bilateral trade deficit has started to grow. Our share in USA’s imports is 0.2%. On the other hand there are also no investments from USA to Turkey. The last examples you’ll remember are GE Finance and CitiBank. We need to work together. As TOBB, we are ready to work to this end.

US Foreign Affairs Deputy Undersecretary in charge of Economy, Energy and Business World Jose W. Fernandez stated that it was his duty to conduct talks with various countries in order to develop economic relations but that, unfortunately, not many would be lasting successes but that the dialog with TOBB is a working relationship and it is gratifying to him.

During the meeting joint concrete actions to be taken were discussed and it was decided that a series of studies would be conducted until the Economic Partnership Forum to take place in autumn.
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