02.04.2014 Tunisia
Attending the Board Meeting of the Islamic Chamber of Commerce, Industry and Agriculture in Tunisia, TOBB President M. Rifat Hisarcıklıoğlu warned Islamic countries to take into consideration the new disposition of the world economy and prepare themselves accordingly while expressing that customs taxes, quotas and all such extra-tariff procedures must be eliminated among the Islamic countries.
The 30th
Board Meeting of the Islamic Chamber of Commerce, Industry and Agriculture took
place in Tunisia. Attending the meeting along with the representatives of the
57 member states of the Islamic Chamber, TOBB President M. Rifat Hisarcıklıoğlu
was joined by TOBB board Members Necdet Özer and Selçuk Öztürk and Turkey’s
Ambassador to Tunisia Ömer Gücük.
Speaking at the
opening of the meeting, Hisarcıklıoğlu relayed his views on the relation
between the Islamic countries and the world economy in regards to the
development of financial and trade affairs. Stating that the role of Islamic
countries in the global economy cannot be ignored, Hisarcıklıoğlu said, “We
stand at the center of the region which shapes global trade routes and where
global policy is generated. We hold the sustenance of the world economy,
energy. As Islamic countries, tourism is a very significant power for us. This
power increases with each year.
We have a great stake
in construction. We are also making very important investments in the
industrialization field. Many Islamic countries have prioritized
industrialization. Almost every sector is integrated into the global system. We
are an important part of the global economic balance. That is why we must grasp
the developments in the global economy well and prepare ourselves well for
these developments.”
- World economy leaning towards revitalization
Stating that the
coming term will be more difficult that the one we’ve left behind,
Hisarcıklıoğlu said, “Because we are entering a brand new term. Of course there
is a lean towards revitalization in the global economy.
The effects of the
global financial crisis which began in 2008 have lessened. After the USA,
European economy is showing signs of recovery. This development will effect all
of us positively.”
- “The changes which await us”
Stating that the
first of the changes which await us in this process is in the field of
finances, Hisarcıklıoğlu said, “Along with the austerity measures enacted
following the global financial crisis, the liquidity of capital has slowed down
in the world. As developed countries strengthen their macroeconomic balances,
flow of currency to developing countries will decrease. In the coming term,
financial resources will no longer be in abundance.”
- The route of global trade
Stating that the second
fundamental change will be seen in the route of the global trade,
Hisarcıklıoğlu said that the world would be experiencing a first. “For the
first time in history, the total production of developing countries will
surpass that of developed countries. Both consumption and production potential
will pass to developing countries. The economic center of the world is sliding
from the west towards the east and will continue to do so. The USA, seeing
this, is attempting to restructure the world economy into two blocks with the
Transpacific Trade Partnership (TTP) and the Transatlantic Trade and Investment
Partnership (TTIP).”
Stating that the
preferential trade system has not been able to be implemented among the Islamic
countries, the TOBB President said, “We keep obstructing ourselves.
There is no
compatibility between our customs procedures. The infrastructures of our
customs gates are not compatible. And the worst part is that we require visas
to travel among each other.”
- Changes in the energy sector
Stating that the
third major change in the global economy will take place in the energy sector,
Hisarcıklıoğlu said, “The USA is blazing a new trail in the energy sector with
shale gas.” Pointing out the changes the use of cheap shale gas will bring to the
energy sector, Hisarcıklıoğlu stated that this will lower production costs in
the west, giving the west the ability to compete in the energy sector again.