Increasing protectionist measures and trade wars cause recession in global trade, says head of exporters group
Despite the negative effects of global trade wars, Turkey's exports continue to rise, the head of the Turkish Exporters Association said Thursday.
While several countries' exports dropped in January-September, Turkey's rose 2.6%, Ismail Gülle said during the third Istanbul Economy Summit, organized under the main theme, "Are we ready to the new world order?"
He added: "The cost of the U.S.-China trade wars on the world economy will reach $700 billion as of 2020, according to the International Monetary Fund's forecast."
The negative effect of protectionism will reach $14.4 billion on Turkish exports in 2019, while it was $7.1 billion in 2018 and $893 million in 2017, he added.
Gulle underlined that increasing protectionist measures and trade wars caused a recession in global trade and growth.
"While the world is involved in trade wars, terror and regional conflicts, Turkey's constructive steps will yield good results for the future," he added.
Turkey always pursues a multilateral, fair and free trade policy based on win-win situations, he stressed.
Gulle added that Istanbul, as one of the most important trade centers in the world, is a megacity with its major economy, which generates significant added-value and employment.
"Istanbul, which hosts around 15 million tourists annually, overtakes some countries, such as Finland, Egypt, Portugal and Greece, with its $85 billion exports and $257 billion GDP," he expressed.
He said Turkey was now strengthening its attractive position in education, health, entertainment and tourism.
Turkey is the sixth largest tourist destination in the world and exports to 223 countries, he added.
The one-day Istanbul Economy Summit, organized at the Ciragan Palace, is hosting 500 businesspeople from 10 countries.
The summit is expected to generate $1 billion in business volume between domestic and foreign firms.
As part of the summit, experts, officials and representatives from the business world will discuss several trending topics related to the global economy.
