Union of Chambers and Commodity Exchanges of Turkey

The Chambers Unions of the non-EU members of the European Association of Chambers of Commerce and Industry (EUROCHAMBRES) – Turkey, the Russian Federation, Albania, Azerbaijan, Bosnia Herzegovina, Georgia, Israel, Montenegro, Macedonia, Serbia and Ukraine – met in Ankara.

During the meeting which took place at the TOBB Union Center, the participants made assessments regarding the EUROCHAMBRES General Assembly elections and the EUROCHAMBRES Business Summit which will take place in İstanbul in October.

Also attending the meeting were EUROCHAMBRES President Alessandro Barberis as well as Vice Presidents Hisarcıklıoğlu and the Austrian Economy Chamber’s Martha Schultz. Attending the opening of the meeting, the European Commission former Vice President Günter Verheugen spoke in regards to the European Union and the Turkey-EU relations.

- TOBB President Hisarcıklıoğlu

The President of the Union of Chambers and Commodity Exchanges of Turkey (TOBB), M. Rifat Hisarcıklıoğlu, stating that Turkey is one of the few countries in the European continent to be in the best condition in regards to public finance, real sector and banking system, said, “As Turkey, we are focused on long term goals instead of daily developments in financial markets.”

Hisarcıklıoğlu, who is also the Vice President of EUROCHAMBRES, stated in his speech that the global economy has come out of a hot summer, that the developments stemming from the USA and the EU continue to directly effect economies. Hisarcıklıoğlu said:

“The growth of the USA, which should in fact be a very positive development for all of us, but the expectations of the end of monetary expansion process caused fluctuations in financial markets. The EU and especially the Euro Zone, focused on the crisis, unfortunately the matter of expansion was not prioritized. Contrary to what was observed during previous expansion periods, as a result of expansion trade and investments increase while growth and employment has benefited all parties.”

Stating that the reason for the current economic crisis is not the expansion of the EU but the lack of regulation in financial markets, Hisarcıklıoğlu said, “New members are not the cause of the crisis, they are victims of it.” Hisarcıklıoğlu stated that the continuation of the expansion process is necessary for both the EU economy and ensuring the peace and prosperity of the region.

Stating that the messages from the US Central Bank indicating that the monetary expansion will slow down has impacted the financial market in Turkey negatively just as it did in other developing countries, Hisarcıklıoğlu said, “However, the economic stance of Turkey is unshaken. Turkey is one of the few countries in the European continent to be in the best condition in regards to public finance, real sector and banking system. Thanks to these, as Turkey, we are focused on long term goals instead of daily developments in financial markets.”

- “A new cooperation mechanism needs to be developed”

Pointing out the fact that the developments in global economy have shown the importance of the G20 process, Hisarcıklıoğlu said, “A new cooperation mechanism needs to be developed in regards to global governance. Otherwise, the US Central Bank Director will be in a position to be the primary policy maker of all countries outside the USA. Globalization is all well and good but this implementation will render national policy priorities irrelevant.”

Hisarcıklıoğlu said that for the healthy operation of the global system, the coordination of the global economy policies must be tied into a better understanding.

Stating that 46% of Turkey’s foreign trade is conducted with the EU and the USA with 76% of foreign investments into Turkey coming from the EU and the USA, Hisarcıklıoğlu drew attention to the fact that negotiations between the EU and the USA directly effect Turkey.

- Call to “invest in Europe’s shared future”

Pointing out the importance of having the countries which have ongoing negotiations with the EU to be members of the Union, EUROCHAMBRES President Alessandro Barberis said, “We must congratulate Croatia which was accepted into the Union this year. This is an important indicator. Even though we may have areas of contention within the EU, we are still committed to our expansion policy. Our goal to cooperate within a single market still stands.”

Reminding that his presidency will end on October 27th, Barberis stated that during the annual general assembly held in a new president will be elected.

Addressing chamber union presidents, he said, “Invest in Europe. Believe in Europe. Do not act contrarily. We must invest in our shared future in Europe during these difficult times. I hope the new president of the EUROCHAMBRES will be able to direct the process towards this goal.”