Economic relations between Turkey, US solid: Min. Pekcan

Turkish Trade Minister Ruhsar Pekcan said on Friday the economic relations between Ankara and Washington will continue on a solid base.

In a consultation meeting on Turkey-U.S. economic relations, Pekcan noted that Turkey's strong democratic culture will sustain rapid economic growth and development.

The Turkish Union of Chambers and Commodity Exchanges and the U.S. Chamber of Commerce arranged the meeting.

Pekcan said that Turkey continued to be an attractive country in terms of business, trade and investment and offered great contribution to the global economy.

"Non-economic cyclical crises should not create hurdles for economic cooperation between Turkey and the U.S.," Pekcan said.

She noted that giving the false impression of economic problems between the two countries will harm producers, consumers and the economy on both sides.

The U.S. on Wednesday imposed sanctions on Interior Minister Süleyman Soylu and Justice Minister Abdülhamit Gül for not releasing American Pastor Andrew Craig Brunson, who faces terrorism charges in Turkey.

The Foreign Ministry strongly protested against the U.S. Treasury Department's decision, calling on the U.S. administration to reverse its "wrong decision".

Pekcan added that the Turkish iron and steel industry is not a threat to the U.S., noting there is balanced trade between the two countries in this sector.

Pekcan emphasized that there was no possibility for different countries to make product shipments to the U.S. through Turkey.

"In this scope, the U.S. should take common actions with Turkey regarding iron and steel," she added.

After U.S. President Donald Trump's controversial decision to raise steel tariffs, steel exports to the country fell 30 percent to $71.5 million in June, and also dropped 42 percent to $421 million in the first six months of the year.

In March, Trump imposed a 25-percent tariff on imported iron and steel, and a 10-percent tariff on aluminum, causing rifts between the U.S. and its major trading partners.

Noting that at the current stage there is a significant trade and investment relationship between the two countries, Pekcan said that they want this partnership to become stronger.

Pekcan said that the country in the new era will undergo a transformation with more emphasis on value-added, technological, research and development, and innovation-based changes, and that the U.S. companies and their capital could play an important role in this.