The Embassy's Economic Section monitors and manages economic relations between the United States and Turkey. The section provides U.S. government agencies in Washington D.C. and other U.S. embassies around the world with accurate, timely, first-hand information and expert analysis on Turkish economic and financial developments. It supports U.S. economic and commercial interests by informing U.S. economic policy toward Turkey, encouraging further liberalization of Turkish markets, advocating for policies that improve the business and investment climate in Turkey, and promoting bilateral trade and investment. The Economic Section works closely with other Embassy offices including the U.S. Foreign Commercial Service and the U.S. Foreign Agricultural Service.
Transatlantic Trade and Investment Partnership (TTIP)
In his 2013 State of the Union Address, President Barack Obama announced his intention for the United States to negotiate a Transatlantic Trade and Investment Partnership (TTIP) with the EU. TTIP is a bold vision based on many potential areas of shared opportunity, and has the potential to become an historic agreement. It would be different from any trade agreement the United States has ever negotiated.
The U.S. economic relationship with the EU is one of the largest and most complex in the world, generating an estimated goods and services trade flow of about $2.7 billion a day in 2012, and representing an estimated 30 percent of global trade. The transatlantic economy is a powerful link between companies and producers, and businesses and employment opportunities.
TTIP will seek to break new ground by addressing bilateral non-tariff barriers and support high quality norms and practices in the global economic system. TTIP also is an opportunity to reaffirm and reinforce the strong economic, political, and social values the United States shares with Europe.
- Statement from United States President Barack Obama, European Council President Herman Van Rompuy and European Commission President José Manuel Barroso
- U.S. Trade Representative Kirk Welcomes Presidential Decision to Pursue Transatlantic Trade and Investment Partnership
- Fact Sheet: United States to Negotiate Transatlantic Trade and Investment Partnership with the European Union
- Final Report of the US-EU High Level Working Group on Jobs and Growth
- Presidential Notification to Congress
- The US and EU: Economic and Strategic Partnership Factsheet
Economic Partnership Commission (EPC)
The Economic Partnership Commission, chaired by State Department Assistant Secretary for Economic, Energy and Business Affairs Jose Fernandez and Ministry of Foreign Affairs Under Secretary for the Americas Selim Yenel, forms an integral part of our bilateral economic dialog and has focused on moving our discussions to a more strategic level. Particular attention has been placed on enhancing business-to-business ties, promoting innovation, energy sector cooperation and cooperation between U.S. and Turkish companies in third countries, with particular focus on Afghanistan, Iraq and within Africa.
- Turkey-U.S. Economic Partnership Commission Holds its 10th Meeting, Ankara- May 23, 2013
- Joint Statement Following Seventh Meeting of the Turkey-United States Economic Partnership - October 2011
- United States-Turkey Economic Partnership Commission Focuses on Opportunities - March 2011
- U.S.-Turkey Economic Partnership Commission Meets in Ankara, Turkey - May 2012
- U.S.-Turkey Economic Partnership Commission Holds its 9th Meeting on November 28, 2012 in Washington, DC
- Foreign Press Center with Assistant Secretary of State Jose W. Fernandez and Ambassador Selim Yenel - March 3, 2011
Specific Projects: Entrprenureship
- Partners for a New Beginning (PNB) is an alliance to foster public-private partnerships that are committed to broadening and deepening engagement between the United States and local communities abroad (including Turkey) in support of President Obama’s vision for a New Beginning based on mutual interests and respect. Please click here for more information.
- FSECC is the bilateral Cabinet-level Framework for Strategic Economic and Commercial Cooperation. In December 2009, President Obama established a Cabinet-level Framework for Strategic Economic and Commercial Cooperation (FSECC), jointly chaired by U.S. Secretary of Commerce Locke and U.S. Trade Representative Kirk and by Deputy Prime Minister Babacan and Minister of Trade Caglayan. FSECC builds on the Economic Partnership Commission (EPC, chaired by the Department of State and Ministry of Foreign Affairs), and the Trade and Investment Framework Agreement (TIFA, chaired by the Office of the U.S. Trade Representative and the Undersecretariat for Foreign Trade). U.S.-Turkey Business Council (with membership from 8 U.S. companies and 11 Turkish companies), an integral part of the policy discussion within the FSECC, is expected to hold its first meeting in late summer 2011. The inaugural FSECC meeting was held in Washington on October 19, 2010.
- The Economic Partnership Commission, chaired by State Department Assistant Secretary for Economic, Energy and Business Affairs Jose Fernandez and Ministry of Foreign Affairs Under Secretary for the Americas Selim Yenel, forms an integral part of our bilateral economic dialog and has focused on moving our discussions to a more strategic level. Particular attention has been placed on enhancing business-to-business ties, promoting innovation, energy sector cooperation and cooperation between U.S. and Turkish companies in third countries, with particular focus on Afghanistan, Iraq and within Africa.
- The Near-Zero Zone project was implemented by the U.S. Department of Energy (DOE) from January 2011 to September 2012 at the Ataturk Industrial Zone in Izmir, Turkey. This project was executed in coordination with other U.S. government agencies and with the support of the Government of Turkey. Twenty industrial companies from the zone worked with seven energy services companies to identify and implement energy-saving measures within their industrial facilities. Some of the impressive results included an average decrease of 24% electricity usage through projects that paid for themselves in as little as twelve months. The average internal rate of return for the recommended energy efficiency investments was 56%. DOE is now planning to work with Turkey’s High Council of Industrial Zones to develop a technical training workshop for energy managers and financial officers from all of Turkey’s 271 industrial zones as a project capstone event that could take place as early as January 2013.
The U.S. Department of State has launched a comprehensive new web portal that compiles U.S. and international sanctions response to Iran’s illicit nuclear activities. In response to Iran’s illicit nuclear activities, support for terrorism, and abuse of human rights, the United States and other countries have imposed sanctions on Iran. You can access the web portal.
• İran Yaptırımları Hakkında Yeni Websitesi (Turkish)
• Ambassador Ricciardone on Iran Sanctions
• OFAC Home Page
• UN Info