US Vice President Joe Biden said that Turkey and the US would work on a Free Trade Agreement.
Biden told at the round table meeting organized byUS Chamber of Commerce that US would keep Turkey informed on every step of the negotiations with the European Union for the Free Trade Agreement (FTA) which would be signed between the US and the EU.
The promise of Turkey, and its significant potential, continued economic growth were reasons for every American to take some solace as it was overwhelmingly in the naked self-interest of US, said Biden.
As per the Customs Union Agreement Turkey had signed with the EU, Turkey needs to apply the same tariffs as the EU to industrial products imported from third countries. The country will be obliged to lower customs duties in line with a potential FTA the EU will sign with the US, but it will not benefit from similar tariff reductions that will be made by the US as Ankara is not a member of the EU.
High Level Working Commission to liberalize trade between Turkey and the US
Turkish Economy Minister Zafer Caglayan said Turkey and US agreed on establishing a High Level Working Commission to liberalize trade between the two countries.
Caglayan said that decision to establish working commission came as part of talks between Turkish Prime Minister Recep Tayyip Erdogan and US President Barack Obama in Washington today.
The commission will evaluate the impact of a possible Transatlantic Trade and Investment Cooperation Agreement between the US and the EU on Turkey and would work to boost economic relations between Turkey and the US, Caglayan said.