U.S., Turkey Establish Trade Liberalization Committee
The U.S. and Turkey established a bilateral High Level Committee led by the Ministry of Economy of Turkey and the office of the USTR, associated with the 2009 Framework for Strategic Economic and Commercial Cooperation (FSECC), with the "ultimate objective of continuing to deepen our economic relations and liberalize trade." said the White House May 16. The White House also noted that the proposed Transatlantic Trade and Investment Partnership with the European Union could impact Turkey due to its Customs Union with the EU.
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The U.S. and Turkey "will continue, through the FSECC and other bilateral initiatives, to build on these efforts, focusing on important policy areas and high-growth sectors," the White House said. "With this focused strategy and high-level commitment to bolstering our trade and investment ties, the future looks bright for U.S.-Turkish economic relations." U.S. exports to Turkey increased 106 percent from 2010 to 2011, it said.