Union of Chambers and Commodity Exchanges of Turkey

Hisarcıklıoğlu, addressing the ambassadors of the Arab League, stated that they are following the League which has 2.8 trillion USD foreign trade volume closely, “Following the global crisis growth rates in the Arab region fell back to 2-3%. The Arab region is very important for Turkey. We are brothers and neighbors. However, we conduct 8% of our foreign trade with the Arab League; the Arab League conducts only 1% of its trade with us. We are doing business together.”

Stating that the only way to increase prosperity and lower the wealth gap is to increase trade, Hisarcıklıoğlu said, “Especially in regards to bilateral trade. The western world, which for centuries was at war with itself, prospered by increasing trade with each other. The most concrete proof of it is just next door. EU countries conduct 70% of their international trade with each other. Western countries are implementing even more partnerships. The US is pursuing the goal of becoming a single economic block with the EU and Asia-Pacific countries. These rich countries are coming together to become even richer. As Islamic countries, we only conduct 20% of our foreign trade with each other.”