President Erdoğan's call to use local currencies in trade welcomed by D-8
General Secretary of the Developing-8 (D-8) Organization for Economic Cooperation Seyed Ali Mohammad Mousavi has said that the D-8 welcomed President Recep Tayyip Erdoğan's recent call for the use of local currency in bilateral trade between Turkey and Iran.
Speaking to Anadolu Agency, Mousavi said that the strengthening of the U.S. dollar in recent years has affected the rallying of D-8 countries at different rates, depending on structural dynamics. Mousavi said that trading in local currency between Turkey and Iran will provide significant protection to both countries in the face of future exchange-rate risks.
Underscoring that the D-8 is one of the most important collaborations of the world economy with an economic volume of $3.7 trillion, Mousavi noted that they are doing their best in order to feed economic power through commercial and financial cooperation.
Mousavi speculated that trade between Turkey and Iran would increase along with the use of local currencies as a medium of exchange during trade, suggesting that the trading mechanism is another way to boost trade volumes in both countries. He also pointed out that successful implementation of local currency-based trade will set a good precedent for other D-8 countries. In hopes that President Erdoğan would discuss the project at the D-8 Summit in Turkey and share it with country leaders to encourage fellow countries, Mousavi said that the 2017 D-8 Summit in Turkey will be an important linchpin in many respects as well as a critical threshold for this important project. "Therefore, by increasing the trade within the D-8 and strengthening these economies, we will contribute to the prosperity of our people," Mousavi added. The general secretary also indicated that while the impact of the dollar hike has a bit more significance for Indonesia and Turkey, there have been no currency-related problems reported in Pakistan or Bangladesh
D-8 leaders will meet in Turkey
Mousavi said the D-8 Summit is of critical importance in many respects, stressing that on the 20th anniversary of the D-8, many issues including the point reached till now, the implementation of the projects, the structure of the organization and the 2030 vision, are expected to be finalized by the leaders. While the 20-year time span from 1997 to 2017 has been considered a project development period, the vision of 2030 will encapsulate the implementation of these projects while securing concrete operations, according to Mousavi. Informing that D-8 commissioners will come together under the auspices of President Recep Tayyip Erdoğan in Antalya in March to discuss final preparations, Mousavi said the meeting of D-8 leaders at the round table will contribute to reaching a solution in the face of global and regional crises, especially in Syria.
Speaking to Anadolu Agency, Mousavi said that the strengthening of the U.S. dollar in recent years has affected the rallying of D-8 countries at different rates, depending on structural dynamics. Mousavi said that trading in local currency between Turkey and Iran will provide significant protection to both countries in the face of future exchange-rate risks.
Underscoring that the D-8 is one of the most important collaborations of the world economy with an economic volume of $3.7 trillion, Mousavi noted that they are doing their best in order to feed economic power through commercial and financial cooperation.
Mousavi speculated that trade between Turkey and Iran would increase along with the use of local currencies as a medium of exchange during trade, suggesting that the trading mechanism is another way to boost trade volumes in both countries. He also pointed out that successful implementation of local currency-based trade will set a good precedent for other D-8 countries. In hopes that President Erdoğan would discuss the project at the D-8 Summit in Turkey and share it with country leaders to encourage fellow countries, Mousavi said that the 2017 D-8 Summit in Turkey will be an important linchpin in many respects as well as a critical threshold for this important project. "Therefore, by increasing the trade within the D-8 and strengthening these economies, we will contribute to the prosperity of our people," Mousavi added. The general secretary also indicated that while the impact of the dollar hike has a bit more significance for Indonesia and Turkey, there have been no currency-related problems reported in Pakistan or Bangladesh
D-8 leaders will meet in Turkey
Mousavi said the D-8 Summit is of critical importance in many respects, stressing that on the 20th anniversary of the D-8, many issues including the point reached till now, the implementation of the projects, the structure of the organization and the 2030 vision, are expected to be finalized by the leaders. While the 20-year time span from 1997 to 2017 has been considered a project development period, the vision of 2030 will encapsulate the implementation of these projects while securing concrete operations, according to Mousavi. Informing that D-8 commissioners will come together under the auspices of President Recep Tayyip Erdoğan in Antalya in March to discuss final preparations, Mousavi said the meeting of D-8 leaders at the round table will contribute to reaching a solution in the face of global and regional crises, especially in Syria.
Last Update: December 11, 2016 22:42