News

On April 20-22, a delegation of 25 members of the U.S. Chamber’s U.S.-Türkiye Business Council traveled to Ankara and Istanbul for meetings with senior officials. The business mission was led by Council Chair Hamdi Ulukaya, the Founder and CEO of Chobani, and held meetings with the Turkish President, Vice President, eight Ministers (Trade, Finance, Health, Defense, Technology & Industry, Energy, Environment, and Family/Social Services) and the U.S. Mission in Türkiye. Top findings include:

• Economic headwinds are manageable—so far. Even for an energy importer bordering two major conflicts (Russia/Ukraine and the Middle East), Turkish economic officials concluded that despite higher inflation, slower growth, and a widening current account deficit, macroeconomic headwinds are manageable. Key positives include recent structural improvements (improving service exports, moving up the value chain), fiscal discipline, and Türkiye’s rising geopolitical importance.

• Bilateral trade is at an all-time high despite higher tariffs. U.S.-Türkiye trade approached $50 billion in 2025 with an increase of about 15% from the prior year. Pre-2025, Türkiye had a modest goods trade surplus of $1 billion with the United States, which has shifted to a $4 billion goods trade surplus for the United States, driven in part by U.S. LNG exports to Türkiye.

• Support for NATO remains strong. Ankara hosts the annual NATO Summit July 7-8, and President Trump is expected to join. Türkiye’s Defense Minister said the Summit will focus on increasing individual countries’ defense commitments in-line with the 5% of GDP goal and preserving NATO unity. The 3rd Annual NATO Summit Defense Industry Forum (of which the Chamber is a founding partner) will take place on July 6 in Ankara.

• WTO’s e-commerce moratorium is being scrutinized. The Chamber expressed concern about the impact of Türkiye’s role (alongside Brazil’s) in blocking an extension of the WTO’s e-Commerce Moratorium during the March 26-30 WTO Ministerial in Yaoundé, Cameroon. The Trade Minister noted that Turkish officials continue to work on the issue in Geneva prior to next week’s WTO General Council meetings. This issue has stalled high-level reciprocal trade discussions between the U.S. and Türkiye, but the delegation helped drive home how Turkish action on this matter will have broader bilateral implications.

• Türkiye’s role as an energy and transport crossroads is growing. Already a key energy transit hub, many alternative trade routes pass through Türkiye, such as the Middle Corridor/Trans-Caspian expansion and expanded pipeline infrastructure from Qatar and Iraq. These routes have increased importance given the need to diversify energy sources and trade routes because of the blockade of the Strait of Hormuz. Domestically, renewable sources account for more than 60% of Türkiye’s installed electricity capacity of electricity, with growing hydrocarbon activity in the country. Istanbul’s Airport is completing construction of its 4th main runway (with two backup runways), and capacity for 150 million passengers per year. Delayed aircraft deliveries in the Gulf could expedite those for Turkish carriers.

• Data localization measures are under review. A common theme during the business mission was that data localization restrictions will need to be reconsidered for Türkiye to take advantage of AI and cloud adoption. Turkish officials noted these discussions are taking place, particularly for enterprise data and within the banking sector.

• Preventive healthcare is a growing priority. The Chamber hosted the Minister of Health for a workshop focused on advancing preventive interventions, early detection and screening, life course vaccinations, leveraging data, and digital health for prevention. Recent upward adjustments in pharmaceutical pricing are helping to bring the policy environment in line with Türkiye’s ambitions to invest in health.

• Preparations to host COP31 are advanced. Türkiye is eager to engage the U.S. business community about their participation in COP this November in Antalya, Türkiye. The delegation met with the COP31 President Designate, who expressed his desire to visit the U.S. Chamber later this year in the lead-up to COP. Türkiye sees Zero Waste, carbon accounting, agriculture, food security, smart cities and sustainable systems as key pillars of its agenda.