Turkey is calling for the formation of a clearinghouse in the developing countries (D-8) to conduct trade in local currencies, Foreign Minister Mevlüt Çavuşoğlu said Saturday.
"We are experiencing a period of trade wars. The best response would be using our local currencies in trade. Turkey is preparing to trade in local currencies with countries such as China, Russia, Iran and Ukraine. We also continue such negotiations with other countries," Çavuşoğlu said at the opening speech of the 18th Meeting of the Council of Foreign Ministers of the Organization of the D-8 in southern Antalya province.
He noted it is possible to realize this in the D-8. "Therefore, we propose to form a clearing house in the D-8," Çavuşoğlu said.
On June 15, 1997, the D-8 was launched after Turkish Prime Minister Necmettin Erbakan proposed the creation of an economic group consisting of eight emerging economies from the Muslim world.
Alongside Turkey, Indonesia, Bangladesh, Egypt, Iran, Malaysia, Nigeria and Pakistan created an organization based in Istanbul.
Çavuşoğlu said these countries must work to renew and revive, saying: "We can increase our strength and potential with new members."