US ambassador says Turkey ignores pharma debt at its peril

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The US ambassador to Turkey said on Wednesday companies will consider abandoning its market if it fails to fully meet debt payments to American ...

ISTANBUL: The US ambassador to Turkey said on Wednesday companies will consider abandoning its market if it fails to fully meet debt payments to American pharmaceutical firms, and he criticised a new Turkish law clamping down on big social media sites.

A year later those companies were being asked to accept significant reductions in the amounts owed, Satterfield said, adding there will be consequences for non-payment of debt or reductions in payment. Bilateral trade amounted to some US$21 billion last year and the NATO allies have said they aim to lift that to US$100 billion.Yet there are hurdles including US tariffs on Turkish steel, and Ankara's purchase of Russian missile defences last year that prompted Washington to oust Turkey from a consortium producing F-35 jets.

 

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