“Energy and climate” issues lead the way in the $100 billion trade target between Turkey and the US

While trade volume is aimed at reaching $100 billion amid the positive momentum in Turkey-US relations, increasing collaboration between the two countries in areas such as energy, climate, and equipment production is targeted.

The long-standing allied relations between the US and Turkey within the framework of NATO have significantly contributed to peace and stability in the European-Atlantic geography.

Meanwhile, with the recent acceleration in commercial relations, it is observed that some American companies in Turkey position the country as a regional hub.

Etienne LeBailly, Economic Counselor at the US Embassy in Ankara, and Heather Byrnes, Senior Commercial Counselor for the Eurasia Region, spoke to AA correspondent about the opportunities for economic, trade, and energy cooperation between the two countries.

Turkey’s geographical location attracts the attention of US companies in search of new markets LeBailly stated that there is a “positive agenda” on the table for both Turkey and the US.

Referring to the Turkey-US Strategic Mechanism meetings held on March 7th and 8th, LeBailly said, “In our bilateral relations, we want to focus on a positive bilateral agenda that is results-oriented, forward-looking, and addresses common goals. In this context, we prioritize trade, energy, and climate issues.”

LeBailly mentioned that they closely follow Turkey’s renewable energy policy and evaluate collaboration opportunities. He continued:

“In the upcoming weeks, during the Energy and Climate Dialogue between Turkey and the US, we aim to discuss in more detail efforts to reduce methane emissions. In addition, we aim to increase cooperation in wind, solar, and energy efficiency. We are focusing on green technology. We have held meetings on energy transformation and related technologies, and the results seem quite fruitful.”

LeBailly noted that Turkey’s geographical location and its leading role in equipment production in the region attract the interest of US equipment-producing companies seeking new markets.

Pointing out that American companies position Turkey as a regional production center and aim to expand to new markets from here, LeBailly used the following expressions: “For example, an American company producing wind turbine blades in Izmir sends blades to the whole world. It provides employment to Turkish people. It brings vitality to the region.”

“Discussions continue regarding the integration of SMRs into Turkey’s energy system” Trade Counselor Byrnes explained that the two countries have common ground, especially in trade, energy, and climate.

Emphasizing the creation of various environments to concretize the goals of increasing the trade volume between the two countries to $100 billion, Byrnes continued:

“The goal is to increase the trade volume between the two countries to $100 billion. Trade, energy, and climate issues, seen as common working areas to achieve this goal, stand out. This is not a unilateral goal; we see that both countries aim to increase their mutual cooperation. While Turkish companies export to the US, the US also invests in Turkey. Talks are ongoing regarding the integration of small modular nuclear reactors (SMRs) into Turkey’s energy system.”

Byrnes pointed out that the current trade volume between the two countries has exceeded $40 billion and stated that the goal for trade volume could be achieved within a few years.

So far, $50 billion of investments have been made from the US to Turkey Byrnes stated that the amount of investment from the US to Turkey has reached $50 billion, providing employment for 100,000 people.

Byrnes mentioned that Turkey’s investments in the US amount to $2.7 billion and added:

“The production standards in Turkey are very high and of high quality. The infrastructure is very good. We are eagerly awaiting the revitalization of the Trade and Investment Framework Agreement. You can see US investments in all regions of Turkey. Sixty companies have regional headquarters in Turkey. In the coming period, we will hold many meetings in both countries to develop trade in energy and climate issues.”

source: aa.com.tr/ prepared by Melisa Beğiç

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