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Key sectors highlighted as Turkey and US seek $100 billion in trade

Key sectors highlighted as Turkey and US seek $100 billion in trade

A new report from BCG has identified eight key sectors of focus for Turkey as it seeks to increase its bilateral trade relations with the US.

Ahead of next month’s trade discussions between the two countries, a new report prepared by global management firm Boston Consulting Group has identified the key sectors which could help push US-Turkey trade volume up to the $100 billion mark. According to Turkish media outlet Daily Sabah, the 300-page report was prepared under the chairmanship of Turkey’s Trade Ministry, with input from the business community and a wide range of business associations.

Of almost 40 local sectors examined, the BCG report identifies the automotive, textile, aviation, white goods, jewelry, building materials, furniture and tourism segments as those holding the greatest potential to boost Turkish exports to the US, while liquefied natural gas (LNG), aerospace, medical devices and chemical products were singled out as suggested areas of focus for the US side in the two countries’ efforts to gradually increase bilateral trade to $100 billion.

While political tensions persist following a series of diplomatic spats over the past twelve months, the new $100 billion target agreed upon at last month’s G20 summit in Japan is a significant jump from the $75 billion previously flagged, and is nearly five times greater than the $20.5 billion volume of trade recoded in 2018. According to the Office of the U.S. Trade Representative (USTR), imports from Turkey increased by more than 120 percent over the past decade.