In recent years economic and commercial relations between Turkey and the United States developed into a mutually beneficial partnership. The importance of Turkey vis-à-vis the United States has been steadily increasing not only as a lucrative market for US exports, but also as a reliable prospective partner for joint projects and investments in Turkey and in third countries.

The U.S. Commerce Department designated Turkey as one of the world’s ten “Big Emerging Markets.” In 1999 Turkey was included in the newly established G-20 group along with other major dynamic emerging economies. Turkey is a full member of the EU Customs Union since 1996. The EU formally designated Turkey as a candidate for full membership in its Helsinki Summit in December 1999. Currently, the Government of Turkey is engaged in harmonizing its legislation and institutional basis to match EU standards and requirements.

Both sides remain committed to further expanding and diversifying the scope and content of their economic and commercial relations. The Government of the United States expresses strong support and commitment to the implementation of the strategic Baku-Tblisi-Ceyhan oil pipeline, which will be an important component of the Euro-Asian energy transportation network in the 21st century. Turkey and the United States are exploring the possibility of creating “Qualified Industrial Zones”inTurkey with special investment and trade incentives to expand commercial relations between the two countries.

The Turkish Government is implementing an ambitious structural reform and economic stabilization program with the support of international financial institutions including a stand-by agreement with the IMF. The Turkish Grand National Assembly approved numerous legislative changes, paving the way towards broader integration of the Turkish economy with the global economy.