Treasury and Finance Minister Mehmet Şimşek attended a celebration held at the U.S. Embassy in Ankara for the 250th anniversary of U.S. independence. In his speech at the ceremony, Şimşek assessed the economic and diplomatic relations between Türkiye and the United States.
Şimşek said that institutions established in the years following the Declaration of Independence issued in 1776 were as decisive in the United States' success as the declaration itself. He drew attention to the fact that the U.S. Constitution has been in force for more than two centuries and said consistency and stability were values gained over time.
Relations date back to 1830
Recalling that Türkiye marked the centenary of the founding of the Republic of Türkiye in 2023, Şimşek said relations between Türkiye and the United States date back to the Treaty of Commerce and Navigation signed in 1830. Şimşek said the first American diplomat arrived in Istanbul a year later, adding that trade developed first, followed by diplomacy.
Şimşek said Turkish and American troops fought together in Korea in 1950, before Türkiye became a NATO member, and that Türkiye joined NATO two years later. He said Türkiye had also undertaken responsibilities in Somalia, Afghanistan and the Balkans.
$100 billion trade target
Recalling that President Recep Tayyip Erdoğan and U.S. President Donald Trump met in Ankara on the sidelines of the NATO Summit, Şimşek said Türkiye and the United States needed each other more at a time of growing global uncertainty. He said new momentum had been achieved to strengthen ties between the two countries.
Şimşek said Türkiye and the United States were working together in areas including establishing stability in Syria and strengthening peace and security in the region. He said the leaders of the two countries had set a $100 billion target for bilateral trade. He added that current trade volume had exceeded one-third of that figure and was largely balanced.
Şimşek said Türkiye's trade volume with the European Union stood at $232 billion, while its trade volume with the United States was $34 billion. He said geographical proximity and the Customs Union explained part of the difference with the European Union, but added that the entire gap could not be explained by these factors.
Şimşek said the $100 billion trade target between Türkiye and the United States was achievable, adding that there was significant potential for cooperation in energy, technology, the defense industry and supply chains. He noted that more than 2,400 American companies operate in Türkiye.
Message on the investment climate
Şimşek said Türkiye was the world's 11th-largest economy by purchasing power parity and had a dynamic market, a skilled workforce and a strong manufacturing infrastructure. He said Türkiye's direct access to Europe, Asia, the Middle East and Africa was important for investors.
Şimşek said the economic program aimed to strengthen macrofinancial stability, increase predictability, reinforce the rules-based framework and improve the investment climate. He added that it was their responsibility to provide investors with an environment of confidence in which they could make long-term commitments.
Şimşek also said U.S. Ambassador to Ankara Barrack had brought new energy and a constructive spirit to Türkiye-U.S. relations. He said Barrack was working on issues important to Türkiye and the region as the U.S. Special Presidential Representative for Syria and Iraq, adding that they expected cooperation between the two countries to continue.
