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Turkish Trade Minister Omer Bolat stated that bilateral trade between Türkiye and the United States could reach $40 billion this year, up from $35 billion in 2024, during high-level meetings at the UN General Assembly.
Bolat, accompanying President Recep Tayyip Erdogan to the 80th U.N. General Assembly, told reporters from Ihlas News Agency (IHA) and state-run Anadolu Agency (AA) that American companies praised Türkiye's economic stability and development trend during multiple business meetings in New York.
The minister emphasized that Türkiye maintains a balanced trade with the United States, unlike many countries that run large surpluses.
"We're not a country that gives huge surpluses in U.S. trade like other countries," Bolat said, noting that bilateral trade exceeded $35 billion last year with expectations to reach $38-40 billion this year.
The trade minister participated in meetings organized by the Foreign Economic Relations Board (DEIK), the Turkish-American Business Council (TAIK), and the American Chamber of Commerce (AmCham), as well as discussions with JP Morgan financial investors, with several sessions chaired by President Erdogan himself.
American executives attending a CEO roundtable led by Chobani founder Hamdi Ulukaya expressed satisfaction with their Turkish investments and plans to expand operations, according to Bolat.
The companies highlighted Türkiye's 22 years of stability under Erdogan's leadership, which saw national income increase sixfold and exports rise 7.5 times.
"Almost all these major American firms stated clearly they are satisfied with their investments in Türkiye, employ thousands of workers, will continue their operations with satisfaction, and want to expand these businesses," Bolat said.
The minister noted that more than 2,000 American companies operate in Türkiye, creating hundreds of thousands of jobs.
The United States ranks second in foreign direct investment in Türkiye and is the second-largest export destination while ranking fifth in imports.
American firms view Türkiye as a regional hub due to its strategic location, which connects Europe, Asia, Africa, the Balkans, the Caucasus and the Middle East.
Companies in finance, digital technology, health, energy, aviation and defense sectors all expressed expansion plans.
Bolat announced that Türkiye lifted additional financial obligations on 21 product groups from the United States, following World Trade Organization dispute resolution mechanisms.
The move followed the U.S.'s imposition of steel and aluminum tariffs in 2018, prompting countermeasures from Türkiye.
"Taking necessary steps regarding areas that could cause problems for both sides in Türkiye-U.S. relations is happening," Bolat said, adding that discussions continue with the U.S. Trade Department and the Trade Representative's office.
The minister confirmed that Türkiye faced lower tariff increases compared to rival countries when President Trump initiated new customs duty increases on April 2.
Regular consultations continue through the Trade and Investment Framework Agreement (TIFA) mechanism between the two countries.
Regarding Syria, Bolat detailed rapid progress since the Dec. 8 revolution, with Türkiye removing all prohibited product lists for exports and imports while lifting transit trade restrictions.
A transportation agreement now allows vehicles to cross borders without lengthy delays.
"Trade has been liberalized. We're making renovation and expansion investments at our customs facilities," Bolat said, noting a 56% increase in exports to Syria.
Transit trade routes from Türkiye through Syria to Saudi Arabia and Gulf countries have reopened through designated crossings at Kilis-Oncupinar and Hatay-Cilvegozu.
Turkish firms participated in the Damascus International Fair and are being encouraged to invest in Syria's economy.
The trade minister characterized current Türkiye-U.S. economic relations as being at the beginning of a leap forward, with political rapprochement at the leadership level creating an extremely positive atmosphere for business and trade.
"We're at the beginning of a leap in Türkiye-America economic relations. An important breakthrough could happen from now on," Bolat stated.
Both countries aim to reach the $100 billion bilateral trade target previously set by their leaders. Negotiations focus on facilitating market access and establishing regulatory arrangements to achieve this goal.
American companies specifically seek energy deals and aircraft purchases from Türkiye, while Türkiye views these agreements favorably as a means to meet its procurement needs.
Progress is expected in resolving previous military cooperation issues.
The U.N. General Assembly meetings proved "very fruitful and productive" for Türkiye-U.S. economic relations, according to Bolat, who expects the Erdogan-Trump meeting to yield new agreements and consensus.
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