D-8 preferential trade deal key to boost ties: Turkey

D-8 preferential trade deal key to boost ties: Turkey

ANKARA- Anadolu Agency
D-8 preferential trade deal key to boost ties: Turkey

The D-8 Preferential Trade Agreement can be instrumental in enhancing trade relations between the member nations and achieving a $500 billion trade target, the Turkish trade minister said on April 5. 

Speaking at the D-8 Business Forum held virtually, Ruhsar Pekcan asked Bangladesh, Indonesia, Nigeria, and Pakistan to begin the implementation of the agreement at the earliest, as Turkey did so.

She stressed that Turkey is well aware of the economic synergy that could be generated with its fellow countries of shared historical, economic, social, and cultural foundations.

"Our involvement with the D-8, along with Economic Cooperation Organization and the Organization of Islamic Cooperation
 is a solid outcome of this belief," Pekcan noted.

Underlining that the coronavirus pandemic increases importance of the countries to act in harmony and pool their resources, Pekcan said: "We support initiatives towards ensuring the distribution of vaccines to every country without any exceptions, in a cost-effective way."

Pointing to the constructive nature of international trade and international business relations, the trade minister said every economic opportunity towards enhancing the welfare of D-8 countries, societies and future generations should be seized.

With a GDP of nearly $4 trillion, the D-8 countries account for almost 90% of the exports, except energy (oil/natural gas), among the members of the Organization of Islamic Cooperation.

"This indicates a great economic potential that we must never lose sight of," Pekcan said.

She highlighted that the total trade volume of D-8 is $1.6 trillion of which 6.5% stemmed from intra-D8 trade.

Stressing that Turkey supports every initiative and strategy to boost trade ties in pursuit of achieving the $500 billion trade target, Pekcan said: "D-8 Preferential Trade Agreement can be very instrumental in enhancing our trade relations."

"I am glad to say that Turkey has already put the agreement into implementation based on our commitments."

Pekcan underlined the importance of cooperating on key areas such as the digital economy, digitalization, and e-commerce, adding that Turkey is ready to engage in collective work with D-8 partners in such innovative areas.

"Another item that we put great emphasis on is trade facilitation as well as cooperation regarding customs matters," she said.

Given the significance of international logistics and supply chains, D-8 countries should work on improving logistical ties and infrastructure in order to facilitate trade, the minister said.

"As Turkey, we emphasize our key role in trans-Asian logistics routes and attach importance in enhancing the effectiveness of the Middle Corridor," she added.