Treasury and Finance Minister Mehmet Şimşek discussed the economic and diplomatic dimensions of Türkiye-US relations at a celebration held at the US Embassy in Ankara to mark the 250th anniversary of US independence.
In his remarks, Şimşek said that institutions established in the years following the Declaration of Independence, published in 1776, had also contributed to the United States' success, alongside the declaration itself. He noted that the US Constitution had been in force for more than two centuries and said consistency and stability were values developed over time.
Türkiye-US relations date back to 1830
Recalling that Türkiye celebrated the centenary of the foundation of the Republic in 2023, Şimşek said relations between the two countries dated back to the Treaty of Commerce and Navigation signed in 1830. He said the first American diplomat arrived in Istanbul the following year, adding that relations initially developed through trade and later through diplomacy.
Şimşek said Turkish and American troops fought together in Korea in 1950, before Türkiye became a NATO member, and noted that Türkiye joined NATO two years later. He said Türkiye had also assumed responsibilities in Somalia, Afghanistan and the Balkans.
$100 billion target for bilateral trade
Şimşek recalled that President Recep Tayyip Erdoğan and US President Donald Trump had met in Ankara on the sidelines of the NATO Summit. He said Türkiye and the United States needed each other more than ever at a time of growing global uncertainty and that fresh momentum had been generated to strengthen ties between the two countries.
Şimşek said Türkiye and the United States were working together on issues including achieving stability in Syria and strengthening peace and security in the region. He said the leaders of the two countries had set a $100 billion target for bilateral trade, adding that the current trade volume had exceeded one-third of that target and was largely balanced.
Şimşek said Türkiye's trade volume with the European Union stood at $232 billion, while trade with the United States stood at $34 billion. He noted that geographical proximity and the Customs Union explained part of the difference with the European Union, but said the entire gap could not be explained by these factors.
Emphasizing that the $100 billion target was achievable, Şimşek said there was significant potential for cooperation in energy, technology, the defense industry and supply chains. He said more than 2,400 American companies were operating in Türkiye.
Message on predictability for the investment climate
Şimşek said Türkiye was the world's 11th-largest economy by purchasing power parity and had a dynamic market, a qualified workforce and a strong manufacturing infrastructure. He said direct access to Europe, Asia, the Middle East and Africa was important for investors.
Şimşek said the economic program aimed to strengthen macrofinancial stability, increase predictability, reinforce the rules-based framework and improve the investment climate. He said it was their responsibility to provide investors with an environment of confidence in which they could make long-term commitments.
Şimşek said US Ambassador Barrack had brought new energy and a constructive spirit to Türkiye-US relations. He added that Barrack, as the Special Presidential Representative for Syria and Iraq, was working on issues important to Türkiye and the region. Şimşek said they expected cooperation between the two countries to continue.
