Speaking to reporters following a meeting with International Chamber of Commerce (ICC) Chairman Victor K. Fung in Ankara on Tuesday, Çağlayan said global trade had gone through restructuring due to the global financial crisis. Terms such as capitalism were redefined while people had to embrace an even tougher atmosphere of competition in global trade, he explained.
Çağlayan stated that Turkey was strictly against protectionism in global trade, which he noted became more apparent following the emergence of the crisis. “In a cutthroat environment, some countries and businesses preferred protectionism, anticipating that they would come out of the crisis first.”
The crisis, in this sense, damaged fair competition in global trade, the minister argued. Recalling that Turkey was one of the 13 economies that enjoyed an upgrade in their credit rating, the minister said the country is seen as one of the prominent players of the future that will leave their mark on the global economy. “Turkey is poised to become one of the centers with regard to a healthy free market condition,” he added.
ICC Chairman Fung said countries should avoid protectionism, particularly in the current atmosphere, in which global markets are showing signs of sustainable recovery. He noted the importance of protecting free market conditions while markets struggle to improve. Stating that trade is the driving force behind the global economy, he said countries should strive to maintain a healthy trade system. He added that Turkey, as a member of the G-20, could contribute to this process.
