Joint Statement Following Seventh Meeting of the Turkey-United States Economic Partnership

Following is the text of a joint statement issued by Turkey and the United States of America at the conclusion of Turkey and the United States - Economic Partnership Commission (EPC) meeting on October 3, 2011, in Ankara, Turkey.

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Representatives from the Government of Turkey and the Government of the United States of America met on October 3, 2011, in Ankara for the seventh Turkey and United States Economic Partnership Commission (EPC). The meeting supports the common vision to develop a strategic economic partnership in line with the already strong political and military bilateral relations. The EPC is a key component of strengthening the economic partnership between Turkey and the United States, as outlined in the Turkey-U.S. Framework for Strategic Economic and Commercial Cooperation.

This seventh meeting of the EPC focused on exploring opportunities to promote innovation, develop specific areas of cooperation and enhance business-to-business ties. Representatives from both countries discussed a wide range of issues related to trade, investment, entrepreneurship, third country and sectoral cooperation, and Turkey’s financial sector including:

•Specific steps to enhance business-to-business ties, promote entrepreneurship and innovation, and expand areas for cooperation in various fields. The delegations talked about the innovation agenda, including improving intellectual property rights and resolving outstanding issues in pharmaceuticals.

•The importance of agricultural trade and developing policies that encourage bilateral trade in agricultural goods. The delegations discussed ways to address existing mutual impediments to agricultural trade. Agriculture trade is important for both sides, as many U.S. agricultural exports to Turkey are inputs for Turkish industrial exports.

•A discussion of how the two sides could work together to enhance Istanbul as an international financial center (IFC). The delegations reviewed Turkey’s progress on its IFC action plan, and discussed specific areas of cooperation, including exchanges of regulatory and policy experts, and potential cooperation on measures to make Turkey more attractive for foreign investment in the financial sector.

•Opportunities for cooperation in the energy sector, including efficiency and renewables and nuclear policy. The delegations discussed efforts to promote U.S. private sector investment in Turkey’s energy sector and to expand U.S. Government engagement with Turkey’s energy agencies.

•The vital role of the Global Entrepreneurship Program and Partners for a New Beginning in encouraging entrepreneurship. The delegations agreed to continue cooperating on entrepreneurship, including supporting Turkey when it hosts the next Entrepreneurship Summit in December. There was broad agreement that respect for intellectual property rights is critical to fostering innovation and the entrepreneurial eco-system. The delegations agreed to continue to work together to promote innovation.

•Commitment to promote economic development in third countries, particularly those in North Africa and sub-Saharan Africa. A list of action items to facilitate cooperation between the two governments and their respective private sectors was developed, to enable the latter to leverage new business opportunities in these markets. In addition, the delegations discussed the shared interests in creating logistics centers in Turkey to manufacture and increase both Turkish and U.S. exports to third countries.

•The delegations agreed to seek ways to strengthen sectoral cooperation between Turkey and the United States. The delegations discussed the role of the machinery sector in bilateral trade and possible cooperation between relevant Turkish and U.S. institutions.
Ambassador Selim Yenel, Deputy Undersecretary for Bilateral Political Affairs and Public Diplomacy of the Ministry of Foreign Affairs, led the Turkish delegation, which included representatives of the Ministry of Energy and Natural Resources, the Ministry of Food, Agriculture and Livestock, the Ministry of Development, the Ministry of Economy, the Ministry of Health, the Ministry of Science, Industry and Technology, the Undersecretariat of Treasury, the Capital Markets Board, the Energy Market Regularity Authority, the Union of Chambers and Commodity Exchanges of Turkey, Turkish Patent Institute, Turkish Eximbank, Turkish Standards Institution, Small and Medium Enterprises Development Organization and Turkish Contracts Association.

Assistant Secretary of State for Economic, Energy, and Business Affairs Jose W. Fernandez led the United States delegation, which included representatives of the Departments of State, Agriculture, Commerce, and Energy; the United States Trade and Development Agency; and the Overseas Private Investment Corporation.

The two delegations agreed to meet again next year in the United States.

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