Sánchez talks Turkey trade

Sánchez talks Turkey trade    Commerce Undersecretary for International Trade Francisco Sánchez on Monday talked up U.S. trade with Turkey as co-chairman of the inaugural U.S.-Turkey Business Council meeting in Istanbul.
   The council brought together 16 U.S. and Turkish business leaders to provide joint policy recommendations to both governments on ways to strengthen bilateral economic relations for expanded trade and investment. 
   “While our close government-to-government ties are essential, our companies are ultimately conducting the business necessary for economic development,” Sánchez said. “Strong involvement of the private sector is critical to our goal of increasing U.S.-Turkey trade and investment.”
   According to the latest trade figures, through July, total U.S. trade with Turkey reached almost $12 billion, a nearly 50 percent increase from the same period last year. If this trend continues, full year 2011 bilateral trade will break all previous records. Through July, U.S. exports to Turkey totaled $8.8 billion. Turkey is a priority market under President Obama’s National Export Initiative.
   Istanbul was the second stop in Sanchez’s initial visit to Turkey. While in Ankara last week, Sánchez met with Turkish government officials to discuss improving the U.S.-Turkey commercial relationship and expanding U.S. export opportunities.
   Sánchez will return to Turkey, Dec. 5-9, when he leads a U.S. trade delegation to Ankara, Istanbul, and Izmir, to promote U.S. goods, services, and technologies in the renewable energy and energy efficiency sectors.