„You seem to have a sophisticated capability, but a really inexpensive alternative, which would be very competitive with China.“ In 2006, the EU decided to focus on bilateral trade agreements as an instrument to boost growth, with the introduction of its new „Global Europe“ trade strategy. In line with this strategy to increase its competitiveness in global markets, the EU has started to negotiate free trade agreements with specific provisions on services, investment, public procurement and intellectual property rights. Turkey is preparing for such a changing environment. After starting or starting negotiations in parallel with the EU, Turkey is also adapting to the wide range of agreements and is negotiating new generation free trade agreements with its potential partners. The opinions of other experts agree with those of Vergil. In 2018, according to official U.S. estimates, Turkey`s trade volume with the U.S. was $20.5 billion. Turkey`s Commerce Ministry hinted last year that Ankara wanted to increase its trade with Washington to $75 billion. The free trade agreements signed with Lebanon, Kosovo, Sudan, Qatar and Venezuela are in the process of ratification. In the same speech, Graham raised both of these issues as some obstacles to the implementation of a free trade agreement. „The way we do this is to overcome our differences. It cannot be by using military force,“ the senator said. As a result of a free trade agreement between the United States and Turkey, if we increase our production capacity and diversify our products, China`s dominance in the African market could be broken,“ Vergil said.
According to a WorldCity analysis of the latest data from the U.S. Census Bureau, Turkey`s trade with the U.S. reached $7.66 billion in the first four months of 2020, an increase of nearly 17 percent over the same period a year earlier. Finally, upon its exit from the EU, Turkey and the United Kingdom set up a working group to maintain the current bilateral market access structure in the short term and to achieve a deep and comprehensive free trade agreement in the medium and long term. A tax convention between the United States Government and the Government of Turkey for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, as well as a protocol to that effect, were signed in 1996. The full tax treaty is available here. „If you ask me what the U.S. and Turkey could do to change relations for the better, it would be a free trade agreement — not only the search for more trade to reach $100 billion, but also to effectively integrate economies through a free trade agreement,“ Graham said Wednesday at a conference hosted by the U.S. Turkey Business Council. Although Turkey is not a member of the European Union (EU), it has a customs union with the EU. Alongside the EU, Turkey negotiates and excludes free trade agreements with third countries in order to negotiate and conclude free trade agreements.
Together with the EU`s Common Customs Tariff, preferential trade regimes are the most important part of trade policy towards third countries. In 2018, Turkey was the 28th largest merchandise export market for the United States and the 33rd largest supplier of merchandise imports. Turkey is the 10th largest buyer in the United States…