ANKARA, The U.S. decision to end its preferential trade agreement with Turkey contradicts their USD 75-billion bilateral trade target, Trade Minister Ruhsar Pekcan said on Friday, welcoming at the same time Washington?’s move to halve tariffs on steel imports.
The White House said on Thursday it was terminating Turkey?’s eligibility for the Generalized System of Preferences (GSP) programme, given its level of economic development. It also halved tariffs on Turkish steel imports to 25%.
“Lowering the tariffs to 25% from 50% is positive, but we expect the lifting of all obstacles to bilateral trade,” Pekcan wrote on Twitter, saying they affected U.S. companies too. She said she work would continue to boost the trade volume.
The United States imported USD 1.66 billion in 2017 from Turkey under the GSP, or 17.7 percent of total imports from Turkey, the U.S. Trade Representative website said. Imports include vehicles and vehicle parts, jewellery and precious metals.
Source: Kuwait News Agency