Union of Chambers and Commodity Exchanges of Turkey

M. Rifat Hisarcıklıoğlu, President of the World Federation of Chambers (WCF) and the Union of Chambers and Commodity Exchanges of Türkiye (TOBB), evaluated the current developments in international trade at the World Federation of Chambers Africa Summit held in Nairobi with the participation of Kenyan President William Ruto and Ministers.

Speaking at the Summit, where the effects of increasing protectionism trends on the business world and the road map of the business world were discussed, Hisarcıklıoğlu said, “The recent decision of the US to increase tariffs and China’s response to the same triggered a new trade war. Now many countries are preparing for new tariffs. These developments increase uncertainties in global trade and slow down investments and growth. A challenging period awaits the world economy.”

Emphasizing that they do not want a world where walls are built with customs duties and quotas, Hisarcıklıoğlu said: “History has shown us how dangerous this is. When countries closed their markets during the Great Depression, the global crisis deepened. We should not make the same mistakes again. As the business world, we have always been in favor of a fair, free and rules-based trade order, and we will continue to do so. Because where there is trade, there is wealth, employment and prosperity. We believe that global prosperity depends on fair and predictable rules. That is why we will continue to advocate for free trade.”

- Business will raise its voice

Underlining that chambers of commerce and industry have been the biggest supporters of free trade for more than 100 years, M. Rifat Hisarcıklıoğlu said, “The World Federation of Chambers (WCF) today represents 45 million businesses in more than 170 countries. This is a very strong voice. By raising this voice together, we aim to make governments choose cooperation over confrontation. Even if governments build walls, we as the business world will build bridges. We will continue to strengthen the ties that politics tries to weaken. As the World Federation of Chambers, we embrace the mission of ‘Merchants of Peace’.”