Commerce Department Touts Turkish Trade Initiative

By Kyle LaFleur

Top trade and commerce officials from the United States and Turkey held the inaugural meeting of the US-Turkey Framework For Strategic Economic and Commercial Cooperation Tuesday in Washington. In attendance were U.S. Secretary of Commerce Gary Locke, U.S. Trade Representative Ron Kirk, Turkish Deputy Prime Minister Ali Babacan and Turkish Foreign Trade Minister Zafer Caglayan.  

“Trade between Turkey and the United States totaled nearly $11 billion last year, mutually beneficial trade,” said Locke. “We believe that through this framework and other dialogues, we can build on this robust commercial relationship to the mutual benefit of the peoples of both of our great nations.”

The framework discussed today has created a US-Turkish Business Council which will provide policy recommendations from business leaders and help each government improve economic relations. The first scheduled meeting of this council is set for 2011.

The FSECC also finalized text on a Memorandum of Intent (MOI) which Locke said will increase bilateral foreign direct investment. That document will be signed by leaders from the two nations later tise year.

“In other areas including energy, transportation, regulatory and scientific cooperations, intellectual property rights, both sides have agreed on activities to help boost bilateral trade and investment in the months ahead,” Locke added. 

The Commerce Department believes that a tighter partnership between the U.S and Turkey will yield more jobs in America.

“The more that our businesses are able to sell, not just to each other but around the world, the more they are going to produce,” said Locke. “The more they produce, the more they are going to need people to make those products and provide those services, and that means good paying jobs.”