President Recep Tayyip Erdoğan on Thursday reiterated his call for greater use of local currencies in trade among the members of the D-8 group of developing nations.
Erdoğan has in recent years voiced support and held negotiations with Turkey’s top partners to increase local currency use in commercial transactions, particularly bilateral trade.
The president suggests this would minimize the impact and alleviate the forex pressure inherent in U.S. dollar-based trade.
“In order to protect our countries from currency risks, it is essential that we focus on trade with local money,” Erdoğan told the virtual D-8 Organization for Economic Cooperation summit.
The president had suggested switching to national currencies would revolutionize trade relations when he made his first call during the summit in Istanbul in 2017.
“The developments over the last four years have proven this call’s reliability,” Erdoğan said Thursday.
He earlier said the dollar’s reign on global trade should come to an end, stressing that dependence on the greenback was becoming more of a burden instead of a convenience.
The D-8 was launched in June 1997 after then-Turkish Prime Minister Necmettin Erbakan proposed the creation of an economic group consisting of eight emerging economies from the Muslim world.
Alongside Turkey, the group includes Indonesia, Bangladesh, Egypt, Iran, Malaysia, Nigeria and Pakistan.
#Daily Sabah #Pakistan News