Minister of Trade, Ömer Bolat, listed Turkey’s expectations from the United States. Bolat stated that their expectations include reducing customs duties, lifting embargoes on companies due to Russia, and improving relations in the defense industry. Bolat pointed out that Turkey’s trade with Israel is non-existent, and mentioned ongoing efforts to reduce credit interest rates in exports.

Minister of Trade Ömer Bolat denied claims that trade with Israel is ongoing. Bolat stated, “Turkey has completely halted trade with Israel.” Bolat also discussed the outcome of Donald Trump winning the U.S. presidential election, mentioning that their expectations in the new era involve reducing customs duties imposed by the U.S. on Turkey, especially on steel and textile products. Bolat expressed a desire for the pressure on Turkish companies and banks due to embargoes from Russia to ease.

“REACHING PALESTINE VIA ISRAEL”
Addressing questions regarding the Export Mobilization Program, Bolat refuted claims that Turkish goods are reaching Israel through Palestine. He explained that Palestine lacks a customs office, seaport, airport, and border crossing, thus transactions are conducted through Israeli ports and customs, under international guarantee. Bolat emphasized that trade with Israel has been at zero since May, with neither imports nor exports permitted since May 2.

Bolat reiterated the goal of reaching the 264 billion-dollar Medium-Term Program (OVP) target in total exports by year-end, despite the halted trade with Israel and the negative impact of decreased exports to Russia due to U.S. embargo-related developments, saying, “Without these occurrences, we might have even been able to exceed 270 billion dollars this year.”

EXPECTATIONS FOR THE TRUMP ERA
Answering a question about Turkey’s expectations for the Donald Trump era following his U.S. presidential election win, Bolat stated, “We will see how things progress. But starting cautiously optimistic. We expect improved relations without embargoes in some of our defense industry needs, a more balanced and fair approach towards Turkey, the Islamic world, and the region, a demonstration of economic strength, and a decrease in customs duties, especially on steel and textile products in our foreign trade. There is a heavy pressure on our companies and banks regarding Russian embargoes. We expect this pressure to ease and disappear.”

WILL INTEREST RATES DECREASE IN EXPORTS?
Bolat mentioned efforts to reduce finance costs for exporters, stating, “There is a study underway regarding the reduction of interest rates on rediscount credits in collaboration with the Ministry of Treasury and Finance and the Central Bank. There is also work being done on collateral.”