Economic relations between Turkey, US solid: Turkish minister

Turkish minister said that Turkey in the new era will undergo a transformation with more emphasis on value-added, technological, research and development, and innovation-based changes, and that the U.S. companies and their capital could play an important role in this
Friday, 03 August 2018 19:21

Turkish Trade Minister Ruhsar Pekcan said on Friday the economic relations between Ankara and Washington will continue on a solid base, state-run Anadolu news agency reported. 

In a consultation meeting on Turkey-U.S. economic relations, Pekcan said that Turkey's "strong democratic culture" will sustain rapid economic growth and development. The Turkish Union of Chambers and Commodity Exchanges and the U.S. Chamber of Commerce arranged the meeting.

Pekcan said that Turkey continued to be an attractive country in terms of business, trade and investment and offered the great contribution to the global economy.

"Non-economic cyclical crises should not create hurdles for economic cooperation between Turkey and the U.S.," Pekcan said.

She said that giving the false impression of economic problems between the two countries will harm producers, consumers and the economy on both sides.

On Wednesday, the United States announced that it was imposing sanctions on Turkey's Justice Minister Abdulhamit Gül and Interior Minister Süleyman Soylu for their leading roles in US pastor Andrew Brunson's imprisonment, as well as alleged human rights abuses committed by Turkish state agencies. The US sanctions will freeze the two ministers' assets abroad and prohibit US citizens from engaging in any transactions with them.

Pekcan added that the Turkish iron and steel industry is not a threat to the U.S., noting there is balanced trade between the two countries in this sector.

After U.S. President Donald Trump's controversial decision to raise steel tariffs, steel exports to the country fell 30 percent to $71.5 million in June, and also dropped 42 percent to $421 million in the first six months of the year.

In March, Trump imposed a 25-percent tariff on imported iron and steel, and a 10-percent tariff on aluminum, causing rifts between the U.S. and its major trading partners.

Pekcan said that they want this partnership to become stronger.

She said that the country in the new era will undergo a transformation with more emphasis on value-added, technological, research and development, and innovation-based changes, and that the U.S. companies and their capital could play an important role in this.