Türkiye seeks eased export restrictions from new Trump administration: Trade Minister

Turkish Trade Minister Omer Bolat expressed hope that the U.S. would ease customs restrictions on Turkish exports to help strengthen trade relations.

Bolat stated that Türkiye-US relations would continue in the coming period, even after the new administration of President-elect Donald Trump takes office on Jan. 20, 2025. Bolat emphasized its goal of maintaining the momentum gained in 2024 into 2025 and outlined specific trade expectations, including reducing tariffs on textiles and lifting restrictive measures on steel.

The Target Market U.S. Summit was held on Friday at the Union of Chambers and Commodity Exchanges of Türkiye’s (TOBB) Twin Towers Conference Hall with the participation of Economy and Trade Minister Omer Bolat and the Chairman of TOBB Rifat Hisarciklioglu.

Discussing Türkiye’s growth figures, Bolat noted that gross domestic product (GDP) rose to $1.13 trillion in 2023, with per capita income increasing to $13,243. He emphasized that Türkiye had achieved 17 consecutive quarters of growth, marking a significant success compared to Europe, the U.S., and other regions.

Bolat pointed out that exports increased more than sevenfold in the past 22 years. Addressing the impact of trade and current account deficits on economies, he underlined that Türkiye had recorded only a $3.3 billion current account deficit in the first 10 months of the year. “Even more encouragingly, our current account has posted surpluses for five consecutive months,” Bolat added.

‘Balanced trade between Türkiye and US’

Bolat described the U.S. as an important ally and trade partner for Türkiye, highlighting a $40 billion trade volume in goods and services between the two countries in 2023 which makes the U.S. Türkiye’s second-largest export market.

Characterizing trade between Türkiye and the U.S. as “balanced”, Bolat noted that every global market is a target market for Türkiye. Bolat emphasized that under the ministry’s efforts, Türkiye aims to achieve $50 billion in exports to distant countries by 2028 as part of its Distant Countries Strategy.

Bolat also stressed the critical role of the logistics sector for Türkiye and the world. He stated that the turnover of the logistics sector in Türkiye is $100 billion, with the country holding a 2.9% share of global logistics exports. The medium-term goal is to reach $50 billion in logistics exports, he noted.

Bolat highlighted the importance of the Overseas Logistics Distribution Networks Project in advancing the logistics sector. Announcing a protocol signed between the Ministry of Trade, Eximbank, and IGE AS, Bolat said exporters would be supported through pre-financing, facilitating both pre-financing and guarantee provisions for these initiatives.

Bolat also emphasized the significance of tourism in Türkiye-US relations. He pointed out that the U.S. is the second-largest investor in Türkiye, with 2,100 U.S. companies placing trust in the country’s economic strength, stability and potential.

Noting Türkiye and the U.S. had an intensive year in economic and trade relations, Bolat highlighted that the two nations have maintained a stable partnership in economic and trade fields, as well as in military, defense, and political areas, demonstrating a longstanding bilateral relationship.