Türkiye expects to see its total trade with the U.S. surging by more than 10% this year to the level of around $42 billion to $43 billion, a top official said on Monday, reiterating the long-term goal of $100 billion.
"Our bilateral trade volume exceeded $38 billion last year. This year, we expect our total bilateral trade to increase by more than 10% and reach approximately $42 billion-$43 billion," Trade Minister Ömer Bolat said during an address in New York.
"This means that annual trade between the two countries will reach $50 billion within two years," he added.
Bolat was speaking during a reception hosted by the Türkiye-U.S. Business Council (TAIK) of the Foreign Economic Relations Board (DEIK) as part of the 19th Türkiye Investment Conference.
The reception, held at the New York Public Library, was attended by Bolat, Industry and Technology Minister Mehmet Fatih Kacır, Governor of the Central Bank of the Republic of Türkiye (CBRT) Fatih Karahan, DEIK head Nail Olpak, and TAIK chair Murat Özyeğin, as well as representatives of the business communities from Türkiye and the U.S.
Speaking at the event, Bolat said that the U.S. is Türkiye’s third-largest trading partner in terms of exports and fourth-largest in terms of imports.
Recalling that President Recep Tayyip Erdoğan and U.S. President Donald Trump have set a target of increasing bilateral trade to $100 billion, Bolat said that the two countries are on the right path to achieving this goal in the medium to long term.
Bolat said that the trade performance between the two countries demonstrates the depth and resilience of their economic relationship, adding that cooperation is not limited to trade.
He noted that the two countries are continuing to deepen cooperation in the fields of energy, defense, and technology, and said that "promising" figures have also been achieved in terms of mutual investments.
Bolat said that investments do not merely bring capital to countries in both directions, but also create significant added value through technology transfer, innovation, employment, and production.
He said these investments create jobs both in Türkiye and the U.S., adding that investments between the two countries strengthen supply chains on both sides of the Atlantic.
Emphasizing that Türkiye-U.S. economic relations are built on mutual trust rooted in decades of alliance, Bolat said they are determined to further strengthen this foundation and are exploring new areas of partnership.
Özyeğin, who noted that next year will mark the 100th anniversary of diplomatic relations between Türkiye and the U.S., said that as with all longstanding partnerships, "the foundation of this strength lies in dialogue, trust, and the determination to continue building together."
"Throughout this conference, our goal is precisely to do that: deepen our dialogue, establish new connections, and identify new opportunities for the two business communities to work together," he said.
On the first day of the conference, a meeting titled "Türkiye’s Economic Outlook and Investment Opportunities" was held with the participation of Treasury and Finance Minister Mehmet Şimşek and CBRT Governor Karahan.
In addition, the Turkish industry minister met with American business leaders at a roundtable discussion on "Industry and High Technology."
The events, organized to increase trade and investment between Türkiye and the U.S., are set to run over three days, from Sept. 21 to Sept. 23.
