Commerce Secretary Gary Locke Remarks at luncheon co-hosted by Center for American Progress and Confederation of Businessmen and Industrialists of Turkey (TUSKON) Good afternoon, everyone. It’s a pleasure to be here today.
Thanks, John, for those kind words, and for co-hosting this important event.
I would also like to recognize President Meral for his many contributions to our growing commercial relationship.
The Confederation of Businessmen and Industrialists of Turkey, or TUSKON, is only six years old but it has already established itself as a driving force for economic development in Turkey and a trusted partner for businesses around the world. With the opening of your Washington office in the fall of 2007, you have cemented your place as a close friend to the American business community.
Of course, Turkey and the United States have been close strategic partners for decades, working together on a range of issues, including stability and security, trade and investment, and counterterrorism. We have joined forces to contribute to stabilization efforts in Iraq, Afghanistan and Pakistan.
Our countries also have established deep cultural ties as well. Thousands of Americans visit Turkey every year, and many Turks and their descendents have come to the United States, strengthening the rich and diverse fabric of our nation. Over 12,000 Turkish students study in the U.S. – more than from any other European country! And our cooperation in the economic sphere grows more important every day.
Consider the fact that our countries conducted nearly $15 billion in bilateral trade last year – an almost 40 percent rise from the previous year, and the most trade ever between Turkey and the U.S.
This trade was helped along by Turkey's impressive resilience in the wake of the global financial crisis. Last year, Turkey posted economic growth of over 7 percent. Meanwhile, unemployment fell last year from 14 percent to 11 percent.
But despite the impressive burst of economic and social growth within Turkey and its growing economic ties with the United States, there is still much unrealized potential.
Although Turkey is the 17th largest global economy in the world, U.S. goods represent less than 7 percent of Turkey’s imports.
Today, I’d like to discuss how we can improve the scope of our trade for the mutual benefit of both Turkey and the United States.
Fortunately, this has already been established as a clear priority by both our countries.
In December 2009, President Obama and Prime Minister Erdogan launched a new strategic framework to strengthen our economic bonds. It’s got a long name … the Framework for Strategic Economic and Commercial Cooperation … but it’s an important mechanism.
The framework elevates the responsibility for increasing our economic dialogue to the highest levels of both our governments.
The inaugural meeting was last October, with me and U.S. Trade Representative Ron Kirk co-chairing on the U.S. side and Deputy Prime Minister Babacan and Trade Minister Caglayan co-chaired the Turkish side.
We focused on enhancing our business-to-business ties and discussed how we can promote innovation in both Turkey and the United States. And we drilled down in particular on issues like:
Source: U.S. Department of Commerce
