Caglayan, Babacan to visit US to establish Turkish-US business council

Turkey wants a greater share of US import market, one of the world's biggest, with an annual volume of $1.3 trillion. Turkey's exports to the US currently stand at $2.3 billion, which falls well short of the immense trade potential between the two countries. The government wants to change this situation, and improving trade ties with the US is a top priority as part of its model partnership with this traditional ally. To this end, State Minister for Foreign Trade Zafer Caglayan, along with Deputy Prime Minister for the Economy Ali Babacan, will travel to the US next month to establish a business council between the two countries. The new council will play an active role in determining general strategies for improving bilateral trade ties in addition to its sector-based activities. It will work at both the federal and US state level to boost trade. The new council will organize promotional activities to foster awareness of Turkey across the US while facilitating direct contacts between business organizations from both sides. Shortly after his inauguration last year, US President Barack Obama paid his first visit overseas to Turkey, and introduced the notion of "model partnership" to redefine the US relationship with Ankara. Under this new model, Turkey wants not only develop political and security ties but also economic and scientific cooperation with the US, the world's largest economy and a leading nation in science and innovation.