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The Post-COVID-19 Economic Recovery: U.S.-Turkey Commercial Ties that Bind

This paper examines the commercial opportunities that will endure in key sectors for the United States and Turkey in the midst of the coronavirus pandemic and its aftermath. These sectors include financial services and capital markets; supply chains and logistics; healthcare; digital economy; defense and aerospace; energy; travel and tourism; and women in business. While defense and security ties have traditionally led the U.S.-Turkey relationship, this piece argues that the pandemic offers the two countries mutual benefits from more robust economic and commercial cooperation in less prominent sectors such as healthcare, the digital economy, and finance.

The Post-COVID-19 Economic Recovery U S -Turkey Commercial Ties that
Turkish Foreign Minister Mevlüt Çavuşoğlu meets with James Jones, Chairman of the American-Turkish Council, in Ankara on May 10, 2016. ADEM ALTAN / AFP via Getty Images
 

Received Date: 21/05/2020  •  Accepted Date: 16/06/2020

 

 

The United States of America (U.S.) and the Republic of Turkey have enjoyed a strategic relationship as allies of the North Atlantic Treaty Organization (NATO) for approximately 70 years and share a history of bilateral cooperation dating back to the Ottoman Empire. The overall relationship has ebbed and flowed in recent years due to political, diplomatic, and military disagreements. Despite some discord, U.S.-Turkey commercial relations have held steady and even increased to back-to-back historic levels in 2018 and 2019, reaching a bilateral trade volume of $25 billion in goods1 and services.2 It is within this context that in 2019, U.S. President Donald J. Trump and Turkish President Recep Tayyip Erdoğan reinvested in the promise that enhanced economic and commercial integration holds for the United States and Turkey, setting an ambitious bilateral trade goal of $100 billion.

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