Trade Minister Ömer Bolat on Wednesday said Türkiye is calling for the preservation of the rules-based multilateral trading system and expressed concern over increasing global protectionism.
Bolat's remarks came on the sidelines of the Organisation for Economic Co-operation and Development (OECD) ministerial council meeting, a day after the Paris-based body revised downward its global outlook, warning that U.S. tariffs are weighing on the economy.
He warned of rising challenges facing the international economic order, including harmful subsidies, bilateral trade deals undermining multilateralism, and the stagnation of global economic growth and investment.
These trends, he argued, are eroding the foundations of free trade and weakening purchasing power across many regions.
On Tuesday, the OECD said global economic growth is slowing more than expected, only a few months ago, as the fallout from the Trump administration's trade war takes a bigger toll on the U.S. economy.
The global economy is on course to slow from 3.3% last year to 2.9% in 2025 and 2026, it said in its latest Economic Outlook, trimming its estimates from March for growth of 3.1% this year and 3.0% next year.
But the growth outlook would likely be even weaker if protectionism increases, further fuelling inflation, disrupting supply chains and rattling financial markets, it added.
This year's OECD meeting focused on the challenges faced by the global economic system and the risks to multilateral international trade, Bolat told Anadolu Agency (AA).
"The main topic of the meeting was the reversal of the free trade in the multilateral system due to countries' policies harming other countries either through subsidies or via practices shifting from multilateral systems to bilateral agreements," he said.
This, according to Bolat, has fueled concerns over the decline of international direct investments, the slowdown of economic growth, the decreasing pace of global trade expansion, and the increasing worries about economic prosperity and people's purchasing power worldwide.
In his speech at the meeting, the minister stressed the efforts of some countries to gain an edge in global trade through subsidies should be prevented, recommending boosting mutual interactions and cooperation between the OECD and the World Trade Organization (WTO), as well as facilitating developed and developing countries' access to the global financial system.
"Many member country representatives already agreed to these recommendations, but what's missing here is that many countries insist on implementing the wrong things," he said.
The minister stated that this year's meeting should "serve as a wake-up call for the majority of the member countries amid worrying developments."
"With the rise of protectionism and trade wars, this year's meetings will serve as an opportunity for the global economy and world trade to rise again with transparent practices and multilateral, joint decisions," he added.
On the sidelines of the meeting in Paris, Bolat met EU Trade Commissioner Maros Sefcovic for talks on bilateral trade and cooperation, according to a statement by the Trade Ministry.
Bolat and Sefcovic addressed recent developments in global trade and the possibilities for further cooperation between Türkiye and the EU within the scope of the customs union in the face of these developments, the issues on the agenda of bilateral trade, and the expectations and demands of our business world, including the difficulties experienced in the EU Schengen visa processes.
The sides agreed to hold the second meeting of the High-Level Trade Dialogue mechanism between Türkiye and the EU on July 1 in Ankara with the participation of the business world and civil society organizations to address all issues related to bilateral relations in detail and to discuss concrete cooperation and solution proposals, the statement read.
The agenda items of the "Trade Dialogue" mechanism, which has been institutionalized at the ministerial level between the EU and Türkiye, were also discussed.
During the meeting, the importance of coordinated action of the EU and Turkish economies in the face of the environment of change and uncertainty in the global economy and trade, increasing protectionist tendencies and the determination to improve bilateral integration were also emphasized.
In addition, it was mutually confirmed that significant progress has been made in overcoming mutual barriers in trade with the EU in the last two years and that many positive steps have been taken towards the update of the customs union.
According to the statement, joint efforts will continue with the EU to increase the dialogue in the field of trade and economy, which has strengthened in line with the common goals set out in the meeting between President Recep Tayyip Erdoğan and EU Commission President Ursula von der Leyen in Ankara in December last year.
It said that the bilateral trade rose by 55% in the last five years and reached a volume of $220 billion by the end of 2024, with the EU's share in Türkiye's exports jumping to 43.5% in the first five months of this year.
