Published On: Wed, Oct 9th, 2019

Turkey’s Trade Minister says exports will continue to contribute to growth


Turkey’s Trade Minister says exports will continue to contribute to growth

Turkey’s Trade Minister Ms. PEKCAN has stated that the government sees 2019 as a year of balancing. She also added that the contribution of Turkey’s net exports to growth would continue in the coming period.

The Trade Minister attended a meeting titled “Trade Wars, Brexit and the Future of the Multilateral Trading System” organized by National Committee, International Chamber of Commerce (ICC). PEKCAN stated in her speech that Turkey supported every multilateral initiative and they would support all the work to be carried out by the ICC.

She noted Turkey was a dynamic country with certain objectives and emphasized following:

Our goal is to upgrade Turkey to developed countries status of high-income and prosperity, soonest possible. We are committed to it and we are taking our steps in this direction. As the government we see 2019 as the year of stabilization. Cyclical factors on global and regional basis will not change our main goal. We are determined to maintain our sustained growth.

As of first 9 months, the ratio of exports to imports has increased from 71 percent to 86 percent. We anticipate that our net exports will continue to contribute to growth in the coming period as well.

We have been facing many protective measures that adversely affect global trade. Trade wars which are on the agenda of the global economy have turned from a rhetoric into a damaging factor”.

The minister said that the protectionist measures taken by the US, China and the European Union (EU) had grabbed the global economy and added, “Essentially, we see that the trade wars phenomenon contradicts the economic conditions and realities of our time. The global economy has created global supply chains. The economies of firms are interconnected.”

Pekcan also said, “Today we see trade wars we have been living through is rather a result of cyclical policy preferences of countries. We face same reality for the predictable future as well; many protective measures to effect global trade. As Turkey we have relied on our strength and international competitiveness so far and we will continue to do so. We have been for the protection and development of the multilateral trade system and will continue to hold this view”.

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