IKV Chairman Ayhan Zeytinoğlu made a statement regarding the news that US presented a new plan to Turkey for reaching the bilateral trade volume of 100 billion dollars. Chairman Zeytinoğlu emphasized that Turkish products should have a greater presence in the US market and said that the most important way to achieve the 100 billion dollar target was to increase investments. Chairman Zeytinoğlu recalled that after Turkey had entered into a Customs Union with the EU, and especially after Turkey became an EU candidate country in 1999, the increase in investments from the EU became one of the most effective tools for entering the EU market. Zeytinoğlu continued as follows:

“We embrace the goal of increasing out trade with the US to 100 billion dollars and support the steps towards this goal. I would like to emphasize that one of the most important elements in this process is increasing investments. Turkey could be a very important investment and production base for US firms. We invite investments from the US to Turkey especially for opening up to Middle East, Africa and Turkic Republics. Similarly, the orientation of the investment to the US from Turkey, will improve access to the US market and trade will be positively affected. The increase in investments will increase bilateral trade and will exceed the expectations. At this point, our adventure with the EU sets an example. Although the EU market is geographically advantageous, our trade relations with the US in terms of the orientation of the US-based investments in Turkey could be an important driving force. If the EU has become our number one export market and trading partner today, the underlying reason is the orientation of the EU-funded investment in Turkey. Influenced by the momentum in Turkey's EU accession process and reforms, foreign direct investments rose from 783 million dollars in 1999 to 22 billion dollars in 2007, recording a 28-fold increase. These investments have fostered Turkey’s integration to value chains and contributed to the integration of EU and Turkish markets. Turkey has also become a convenient location to reach the surrounding regions, such as Africa and the Middle East and Central Asia for EU firms. When we look at the latest data, we see that 65 percent of the foreign direct investment to Turkey comes from Europe, while only 7.4 percent comes from the USA. We have to increase this share to a much higher level. The increase in investments will also constitute an important basis for the increase in trade.”

Chairman Zeytinoğlu also mentioned the steps to be taken for investments originating the US and highlighted the importance of developing trade and investment relations with the US without violating Turkey’s Customs Union obligations:

“Turkey, which gained significant standardization and know-how within the framework of the Customs Union and EU negotiation process, is a highly suitable country for direct investments. In this respect, I agree with US Commerce Secretary Ross’ call encouraging US firms to invest in Turkey rather than China. To attract investments to our country, especially for technology-intensive products, will also contribute to Turkey’s development. For this, action should be taken to create an appropriate ecosystem, from vocational training to communication technologies, to the advantages of foreign investment. Signing an FTA with the US should be handled in connection with Turkey’s Customs Union obligations. TTIP negotiations between the US and the EU were interrupted after President Trump came to power. However, the Trump Administration tends to renew US trade deals with new conditions. In this respect, negotiations may soon start with the EU. From this point of view, we must be prepared for everything, taking into account the changing conditions of today's trade. Turkey needs to complete its preparations for the FTA with the US. In addition, within the framework of the Customs Union, the problem of FTAs should be resolved as soon as possible. I also address the EU from here. Negotiations for modernisation of the Customs Union should be launched as soon as possible. In this way, Turkey should be able to negotiate FTAs simultaneously with the EU. Moreover, independent steps in Turkey's trade should also be allowed. Otherwise, the Customs Union relationship will be weakened.”