Thanks to the dynamism of the private sector, real economic growth during the first three quarters of last year was 7.5 percent, despite relatively high inflation. We respect as well the Turkish government's commitment to tackling its economic problems, beginning with deficit reduction and an ambitious program to privatize state-owned enterprises and assets. We welcome the positive reaction of financial markets, including the decline in interest rates in December. We hope the government continues to pursue economic reform with realism and resolve. Resolve is vital because the economic reform path will require hard choices, vigorous leadership, and commitment.
International cooperation can be as important in economic policy as it is in the security arena.
In this regard, should Turkey's government decide that its economic reform objectives could be advanced through closer cooperation with international financial Institutions, the United States would lend its full support. Turkey has many important new commercial opportunities. The United States, for example, has seen its imports grow by 56 percent since 1989. We are the largest importing nation in the world. I believe the American-Turkish Council can play a crucial role in helping Turkey develop a larger presence in the U.S. market.