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Time to make new breakthroughs for Asia: Turkish Trade Minister Pekcan

Anadolu Agency ECONOMY
Published January 18,2021

Turkey's trade minister urged exporters to make new breakthroughs for Asia, a gigantic market whose middle class is gradually expanding, consumption habits are swiftly diversifying, and the technology and innovation infrastructure is rapidly developing.

"Therefore, it is time to say 'Asia Anew'", Ruhsar Pekcan told at a virtual meeting organized by Turkey's Foreign Economic Relations Board (DEIK) on new perspectives toward enhancing trade volume between Turkey and Asian countries.

Pekcan called on Turkish businesses to see Asia and the Pacific region as an export market rather than the main source of imports.

"These countries [with which we post foreign trade deficit] should not be far for us to export to if they are not far for us to import from," Pekcan said.

Noting that Asia has increasingly become the center for global production and trade, Pekcan stressed that the share of the Asia Pacific region rose from 26.3% in 2000 to 34.9% in 2019.

Asia Pacific region's share of global exports also climbed from 28% to 37% in the same period while one thirds of global direct investments in 2019 were flown to this region, she said.

Highlighting that Turkey's foreign trade with Asian countries is unbalanced, Pekcan said: "Their share in Turkey's exports stood at 14.3% and in imports was 33.7% last year.

"We must definitely change this unsustainable trade structure."