Despite the negative effects of global trade wars, Turkey's exports continue to rise, the head of the Turkish Exporters Assembly (TİM) said Thursday, Daily Sabah writes in the article Turkey manages to boost exports despite trade conflict, head of exporters association says. While several countries' exports dropped in the January-September period, Turkey's rose 2.6%, Ismail Gülle said during the third Istanbul Economy Summit, organized under the theme "Are we ready for the new world order?"
"The cost of the U.S.-China trade war on the world economy will reach $700 billion as of 2020," Gülle said, referencing a forecast by the International Monetary Fund (IMF).
The negative effect of protectionism on Turkish exports will be multiplied in 2019, reaching $14.4 billion, he said, pointing out that it had an impact of $7.1 billion in 2018 and $893 million in 2017. Gülle underlined that increasing protectionist measures and trade wars have 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.
He underscored that Turkey always pursues a multilateral, fair and free trade policy based on win-win situations. Gülle added that Istanbul, as one of the most important trade centers in the world, is a megacity and financial hub with its 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 $85 billion worth of exports and $257 billion GDP," he said.
He said Turkey was now strengthening its attractive position in the fields of education, health, entertainment and tourism. Turkey is the sixth-largest tourist destination in the world and exports to 223 countries, he added.
The summit is expected to generate $1 billion in business volume between domestic and foreign firms.
