Ankara: Trkiye's Trade Minister Omer Bolat announced plans to discuss the removal of a 10% tariff with US officials during his visit to the United States next month. The minister's remarks were made during his current visit to Japan, where he is accompanied by representatives from both the government and the private sector to bolster economic and trade ties between the two nations.
According to Anadolu Agency, Bolat emphasized the strength of Trkiye-US relations when questioned about his objectives for the upcoming US visit. He highlighted that the US typically imposes tariffs on countries with which it has a trade deficit, but noted that the US enjoys a surplus in trade with Trkiye. Bolat stated, "In that sense, we expect the 10% tariff to be removed. This will be our concrete demand," during a press briefing at the Osaka EXPO 2025.
Bolat further elaborated on Trkiye's strategic plans for its trade relations with the US, indicating that the Trade Ministry is actively implementing the Far Countries Strategy to achieve a long-term foreign trade volume target of $100 billion between the two countries. He mentioned that Trkiye Exporters Assembly (TIM) and the Foreign Economic Relations Board (DEIK) are set to play vital roles in reaching this target through new initiatives.
The trade minister underscored the importance of US-Trkiye trade relations, identifying the US as Trkiye's second-largest trading partner after the European Union. Addressing concerns about the potential adverse effects of US policy decisions on global trade, Bolat expressed hope for a renewed focus on multilateral trade systems. He warned of the risks of countries turning inward and the resulting global economic contraction, urging adherence to World Trade Organization rules.
Reflecting on past global economic challenges such as the 2008 financial crisis and the coronavirus pandemic, Bolat remained optimistic about overcoming current trade fluctuations. He drew parallels to past recoveries, suggesting that economies have the resilience to bounce back from setbacks.
In addition to US-related discussions, Bolat highlighted ongoing collaborations with Japan, particularly in the reconstruction of Ukraine and infrastructure projects in Africa and Asia. He noted the synergy between Japanese engineering prowess and Turkish production capabilities, citing successful joint ventures in Turkmenistan as examples of such cooperation.
Bolat also provided updates on the Economic Partnership Agreement negotiations between Japan and Trkiye, describing the talks as technical and ongoing. He acknowledged the complex and turbulent nature of these negotiations but remained hopeful about reaching agreements that address sectoral and product-specific demands and expectations.