Türkiye calls for rules-based trade system at Paris OECD summit

Turkish Trade Minister Omer Bolat on Friday called for a rules-based multilateral system at the annual OECD Ministerial Council Meeting in Paris.

The two-day summit, chaired by Finland, is focused on industrial policies as Europe and the US are faced with widening trade deficits due to subsidized exports and excess capacity from East Asia.

Bolat warned against a growing wave of protectionist trade measures Western countries are considering in the face of the current landscape.

“We emphasized that the liberalization of trade worldwide and the strengthening and preservation of the rules-based multilateral trade system centered around the World Trade Organization (WTO) are the sole key to economic development, growth, and progress in global trade,” he said, marking Türkiye’s success over the past two decades via export-driven growth and liberalization in its industrial policies.

Bolat stated that cooperation and initiatives promoting free trade are vital for the global economy, rather than pushing for new protectionist and restrictive measures.

He noted that the ministers reviewed current issues in mutual economic relations and discussed how to overcome challenges during the bilateral meetings held as a part of the conference.

Ukraine

Bolat and WTO director-general Ngozi Okonjo-Iweala held a comprehensive meeting during the summit. The minister also discussed the Free Trade Agreement (FTA) during talks with Ukrainian deputy premier Taras Kachka.

Türkiye ratified the agreement three years ago, while the ratification process in Kyiv has also been initiated and is expected to be completed soon.

“We hope that the Türkiye-Ukraine FTA can enter into force without much delay,” said Bolat, noting that the two officials discussed issues related to Ukraine’s reconstruction.

Bolat stated that the Turkish side proposed that the third Ukraine Reconstruction Forum be held in Türkiye in September, while the Ukrainian side accepted the proposal.

The minister mentioned that key topics were discussed with Canadian International Trade Minister Maninder Sidhu, noting that the number of weekly flights from Türkiye to Canada recently increased from 12 to 21.

Bolat recalled that the Turkish Energy Ministry had signed a deal with Canada in March over the construction of CANDU-type nuclear reactors — the discussions on this deal are still ongoing between Turkish and Canadian energy ministers. Meanwhile, there has been significant interest from Canadian investors in Türkiye’s mining sector.

Bolat stated that issues related to trade relations between Türkiye and the US were discussed during his meeting with US Trade Representative Jamieson Greer.

Bulgaria

Bolat also met with Krasimir Yakimov, Bulgarian deputy economy, investment, and industry minister, on the sidelines of the summit.

“Türkiye’s annual trade with Bulgaria reached $9 billion, while our goal is $10 billion either this year or next year,” he said, noting that there are three major customs crossings between the two countries.

“We dicussed extra measures taken to speed up crossings and ensure there are no bottlenecks during the three-month period this summer while Turkish immigrants in Bulgaria travel back and forth, and we have made similar requests to the Bulgarian side,” he added, noting that the next Türkiye-Bulgaria Joint Customs Committee will convene next week in Sofia.

Meanwhile, Bolat also met Nicolas Forissier, the French foreign trade and economic attractiveness delegate minister, during his visit to France on Tuesday.

Bolat also met members of the French Business and Industry Association (MEDEF) and French investors, while a two-hour meeting was held with Turkish businesspeople in France under the World Turkish Business Council (DTIK).

*Writing by Emir Yildirim in Istanbul