'Trade Winds' summit galvanizes commerce between Türkiye, US

By Emre Basaran and Gokhan Ergocun

ISTANBUL (AA) — The largest US government-led trade mission and business development forum, Trade Winds, has brought together Turkish and American entrepreneurs and commerce officials in Istanbul this week.

The summit, held every year in a different city, kicked off on Monday and will continue through Wednesday, aiming to galvanize business opportunities between the two nations and others.

Turkish Trade Minister Omer Bolat, US Trade Under Secretary Marisa Lago, US Ambassador to Ankara Jeffry Flake and US Istanbul Consul-General Julie Eadeh are among those attending the event, held at the Hilton Bosphorus hotel in the city's bustling Harbiye neighborhood..

Speaking to Anadolu, Lago said the sheer size of the US trade delegation at the conference was a "testament to the fact that the business community sees the opportunity" in the country.

With over 120 US businesses taking part in her department's largest annual trade mission, she said they were in Istanbul "because they see the opportunity to partner with businesses in Türkiye, and also around the entire Europe and Eurasia region."

"Interestingly, when we launched Trade Winds in 2008, it was here in Istanbul. And this is the first time ever that we've returned to a city again, a testament to Istanbul in Türkiye as being such a trading capital," Lago said.

For her part, Consul-General Eadeh said the US is confident in Türkiye's potential.

"Türkiye is such an important partner for the United States. Our trade relationship is strong and vibrant and growing every day. And the United States is Türkiye's second-largest trading partner. And we are very, very pleased that as of 2022, total trade in goods and services reached $42 billion," she said.

"Trade Winds' return to Istanbul is truly a reflection of this incredible city's potential as the commercial hub, not just for Türkiye, but for the for the region at large," she added.

- 'Nearly halfway' to trade goal

Asked about the two countries' "ambitious target" to grow their bilateral trade volume to $100 billion — a goal set by then-US President Donald Trump and Turkish President Recep Tayyip Erdogan in 2019 — the consul-general hailed the progress made so far, saying: "We're nearly halfway there."

"We are so pleased that as of 2022, that figure in total trade in goods and services reached $42 billion. So from our perspective, we're nearly halfway there," she said.

Eadeh also pointed to SelectUSA, a US federal government program launched in 2007 to attract foreign direct investment to the US, facilitating job creation and economic development.

"Trade Winds and SelectUSA are two very pivotal and key outreach efforts to further increase the trade relationship. Specifically in terms of areas where we still see potential," she said.

"So we are continuing to look for opportunities to bring our companies together for the benefit of the US and Türkiye."

The bilateral annual trade volume, which amounted to $20.77 billion in 2019, rose to $30.6 billion as of last year, increasing 47.3% over five years, according to data compiled by Anadolu from the Turkish Statistical Institute (TurkStat).

The US was the second top destination for $14.8 billion-worth of Turkish exports in 2023, growing 65% over the same period.

On US-led efforts to boost entrepreneurship and career opportunities for women under an initiative called Empower Her, Eadeh underlined the continued commitment of Washington's mission in Türkiye to women's empowerment

"I'm so pleased to be a woman leading up our consulate here. We are constantly seeking opportunities to promote and to champion women. Whether it is supporting women entrepreneurs or supporting women in sports," she said.

For her part, Under Secretary Lago said that increasing women's economic empowerment "was not just the right thing to do, it just made good business sense."

"And so, we teamed up with AmCham EU and AmChams across Europe and Eurasia to launch the Empower Her initiative," she said, referring to American Chambers of Commerce.

Underlining the significance of artificial intelligence (AI) for business practices, Lago said this year's Trade Winds event was "focused on the power of AI and how we can harness it to empower women and other historically marginalized communities."

"We value this partnership with the AmChams throughout the region because they have gone ahead and signed up 165 companies, which have taken a pledge to focus on reducing the gender pay gap, on promoting women into leadership positions, and also to providing programs on skill buildings focused on their women employees," she added.

When asked about the risks that come with using AI in business, such as an expected drop in employment rates, Lago highlighted the need for "safe, reliable AI."

She also touched upon the US Department of Commerce's National Institute of Standards and Technology (NIST), which she said "is the portion of commerce that is leading the way on AI."

"They have developed an AI risk management framework because we've recognized the opportunities, but also the fact that we need safe, reliable AI. And I am very heartened by the fact that NIST is headed by a PhD bioengineer and scientist, a woman doctor, Laurie Locascio," added Lago.

"Our AI Safety Institute, which we have just recently established, is headed by a woman and its chief technology officer is another woman who recently was on the cover of Time magazine as one of the world's 100 most influential people in AI," she said.

"I think we have to keep our eye on the ball to make sure that this new technology actually furthers inclusion. And as inherent in your question, that women are part of the development of AI."

- Mutual investments diversified

For his part, Turkish Trade Minister Omer Bolat said mutual investments between the two countries had been diversified in different sectors over a period of 20 years.

The US is the second-largest investor country in Türkiye, with about 2,000 American companies, employing around 110,000 people.

He recalled that Türkiye's average GDP growth rate was at 5.4% in 2003-2023, while its GDP exceeded $1 trillion for the first time last year, totaling $1.18 trillion.

Bolat stressed that Turkish businesses, in sectors from energy to industry and construction, had a common interest in advancing the country's bilateral relations in every possible area.

During the event, US Ambassador Jeffry Flake also took the stage, pointing to the growth Türkiye-US commercial ties by saying that the worth of goods and services traded between them totals roughly $40 billion, while US investments in Türkiye account for about $15 billion so far.

US investment opportunities also represent significant potential between the two nations for corporate partnerships in third countries in regions like Central Asia, he also noted.

Flake also praised the Turkish government's recent efforts to improve the country's economy, calling them a successful.