NEW BUSINESS STRATEGIC FRAMEWORK BETWEEN US AND TURKEY
US and Turkey decided to upgrade their bilateral economic relations with a new scheme called "Framework for Strategic Economic and Commercial Cooperation" (FSECC), which was unveiled during the visit of Turkish Prime Minister Recep Tayyip Erdogan to the White House. This new framework aims to help enhance the already robust interaction that takes place between the two governments on economic issues. Turkish governmental agencies currently work with American counterparts in the economic arena through the bilateral Trade and Investment Framework Agreement, the Economic Partnership Commission and the Energy Working Group, as well as through numerous ongoing contacts between officials at all levels. The Framework to be implemented will ensure regular coordination and review of these many activities at a senior political level.
This new engagement between US and Turkey on economic matters will give a new momentum to bilateral commercial transactions and mutual investment flows Turkish-American economic ties are robust and have shown a surging trend last few years. However, there is ample room for significant growth in economic engagement between two countries. Turkey is one of the most important emerging markets in world. According to research conducted by Goldman Sachs, Turkish economy will be ninth largest market in the world in 2050. In addition to a market in its own right, Turkey as a regional business hub, offers tremendous opportunity for American companies to penetrate to the growing economies of the Middle East and North Africa, Central Asia and Balkans. The new Framework for economic relations will help business communities in both countries find new ways and means to forge business alliance and execute more business transaction.
FSECC will be co-chaired by USTR Representative Ambassador Kirk and Secretary Locke from American side and Deputy Prime Minister Babacan and State Minister Caglayan from Turkish side. This high level interaction on regular basis on economic matters will enable both countries to increase bilateral trade and investment volume.