Turkey and the U.S. have decided to keep their target of reaching $100 billion in trade volume separate from other problems between the two countries, President Recep Tayyip Erdoğan said Wednesday.
The decision was agreed upon in a recent call with the U.S. President Donald Trump, Erdoğan said, speaking to lawmakers from the ruling Justice and Development Party (AK Party) in the capital Ankara.
“The trade cooperation with the U.S. will hopefully make a significant contribution to Turkey’s efforts to establish future economic infrastructure, including high-tech,” Erdoğan said.
The two presidents agreed to raise the mutual trade volume to $100 billion during a meeting on the sidelines of the G20 summit held in Osaka, Japan, in June 2019.
Turkey-U.S. trade relations remain strong with an annual trade volume of around $20 billion despite numerous political and economic crises that have gone on between Washington and Ankara.
The trade volume between the two countries amounted to some $19.29 billion in 2019, according to the Turkish Statistical Institute's (TurkStat) data. Turkey’s exports stood at nearly $8.1 billion while its imports reached approximately $11.19 billion.
Bilateral trade amounted to $20.6 billion in 2018, according to official data. Turkey's exports to the largest economy in the world were $8.3 billion, while its imports totaled $12.3 billion, according to TurkStat. The trade volume amounted to nearly $20.6 billion in 2017.
Since Trump's inauguration in January 2017, Turkey-U.S. relations have been tested many times over a range of issues including Turkey's purchase of the Russian S-400 surface-to-air missile system, economic sanctions, Washington's support for the YPG terror group, inaction against the Gülenist Terror Group (FETÖ) and anti-Turkish legislation put forth by the Senate.