Türkiye-US ‘tariff diplomacy’ efforts to gain momentum with new working group

ISTANBUL

The “tariff diplomacy” efforts between Türkiye and the US will accelerate with the establishment of a new working group in a meeting held Friday in Ankara, the Turkish trade minister told Anadolu.

Omer Bolat said the working group, including participants from Turkish ministries, will “act calmly and work intensively” on issues arising from Washington’s tariffs.

He noted that after US President Donald Trump announced reciprocal tariffs April 2, serious declines in commodities came to the fore, especially in oil. The minister said it is “a very active period,” as the working group assesses “the impact of the new US foreign trade policy and the tariffs on Türkiye.”

“We had talks with the US deputy secretary of commerce and I’m sending an official letter to the secretary of commerce to negotiate -- the US already said they’re open to negotiations,” he said.

“The US has direct investments worth $15.5 billion in Türkiye and we have $11 billion in the US,” he noted regarding Türkiye’s foreign trade volume with the US. “Our first priority is to ensure to elevate the economic relations between Türkiye and the US to higher figures but we need to be on alert developments.”

“Our working groups need to be constantly analyzing and assessing product and sector-based impact of the current developments and keep up negotiations to benefit both sides -- we’re doing exactly that now,” he added.

- Expo in Japan to open doors to new investments, trade opportunities

Bolat said Japan, one of the leading countries in world trade and economy, will hold EXPO 2025 Osaka between April 13 -Oct. 13, and Türkiye will participate.

“On April 23, Türkiye’s National Sovereignty and Children’s Day, culture and arts, and trade and tourism activities will be held, and on one day (during the expo), we will meet Japanese officials, business representatives, employer organizations, and we will participate in business and investment forum meetings in Tokyo,” he said.

The minister noted that Japanese investments in Türkiye are around $3 billion and the trade volume between Türkiye and Japan is $5.4 billion as of last year.

“We’re in talks with the Japanese government and relevant ministries to balance this trade and we strive to ensure that the EXPO and our official program to Japan will create new investment and trade opportunities for the two countries,” he added.

- Türkiye’s contributions to Organization for Economic Cooperation and Development

Bolat stated that Türkiye is a founding member of the Organization for Economic Cooperation and Development (OECD) after a Memorandum of Understanding was signed Thursday to continue operations of the group’s Istanbul headquarters.

He emphasized that the OECD has opened its doors to southern, eastern, developing, and emerging market countries by acting as a platform to boost cooperation and encourage solidarity.

Bolat noted that a cooperation agreement was extended for three more years with the Memorandum of Understanding, as Türkiye wishes the OECD will continue to have a regional center in Istanbul ever since its establishment in 2021, as instructed by Turkish President Recep Tayyip Erdogan.

“We are pleased to make such a contribution to the continuation of the efforts for more inclusive projects within the OECD in the new period and we are increasing our cooperation efforts,” he said.