Union of Chambers and Commodity Exchanges of Turkey

Ahead of the WCF Europe and Asia Summit to be held in İstanbul, the WCF General Council Meeting was held with the participation of Minister of Trade Ömer Bolat.

Speaking at the meeting, M. Rifat Hisarcıklıoğlu stated that protectionism has increased in the global economy in recent years and said that this situation has damaged global trade and can put companies and especially SMEs in difficulty.

Stating that these barriers in global trade pose obstacles to countries like Türkiye that want to grow their economy and integrate into the global supply chain, Hisarcıklıoğlu said:

“As WCF and TOBB, we have a strong will for fair, balanced and free trade. The World Chambers Federation plays a critical role here. There are more than 5,000 chambers from more than 120 countries and territories. WCF is critical to supporting companies globally. We will help companies, especially SMEs, find new opportunities and adapt to changing global markets. As always, we will support global trade.”

- “We are following a very ambitious program”

In his speech here, Trade Minister Ömer Bolat stated that they are constantly growing in the economy and that they are on the same platform with global actors and said, “The recent figures on Türkiye’s economic outlook clearly reveal Türkiye’s strength and resilience.”

Bolat noted that Türkiye’s geography is a geography where cultures and trade routes have met throughout history, and that there are well-established economic relations with the EU thanks to the Customs Union Agreement.

Bolat said that Türkiye has connected the Silk Road with Europe for centuries and now, thanks to the Zengezur Corridor, they want to do the same through Azerbaijan and Armenia with the Belt and Road Initiative.

Speaking about Türkiye’s trade relations with its neighbors, Bolat continued:

“In terms of logistics, Türkiye is indeed a unique trade habitat. It is connected to Mediterranean countries, African and Arab countries through the Bosphorus and Dardanelles straits, and to the Atlantic through Gibraltar. The Suez Canal also serves in this capacity. In terms of GDP, Türkiye is worth 1.2 trillion dollars in this region. With a $600 billion foreign trade volume, Türkiye is an important actor in the global economy. It is also an important actor in global trade. Foreign trade accounts for exactly 50 percent of Türkiye’s GDP.”

- “We are on the same platform with the global actors of the world”

Minister Bolat stated that Türkiye has reaped the fruits of the work carried out under the leadership of President Recep Tayyip Erdoğan and that the seeds sown have blossomed and said, “We are constantly growing and we are on the same platform with the global actors of the world.”

Emphasizing that the recent figures on Türkiye’s economic outlook clearly demonstrate Türkiye’s strength and resilience, Bolat said, “For example, the average annual growth rate was 5.4 percent between 2003 and 2023. During this period, per capita income almost doubled. In dollar terms, GDP also increased by 9 times during this period.”

- “We have our eyes on Türkiye”

Philippe Varin, President of the International Chamber of Commerce (ICC), talked about the support they provide to chambers of commerce and shared his views on the importance of these chambers.

Referring to the current economic difficulties, Varin explained that the number of trade barriers imposed by countries on each other has increased, and that climate change and air pollution make economic progress difficult.

Varin talked about the practices they have implemented for SMEs and their cooperation with the World Trade Organization.

ICC Secretary General John W.H. Denton stated that names representing the business world from many different trade regions are in the hall and said, “We are all looking at you. We have our eyes on Türkiye for multilateral trade and private sector cooperation. As you hold the presidency of the G20, you play a fundamental role in the multilateral trade system and in ensuring the uninterrupted flow of economic activities.”