07.04.2016 Ankara
Meeting with ambassadors of the Arab League for a business lunch, TOBB President M. Rifat Hisarcıklıoğlu pointed out that the Arab League has an economic power of 2.8 trillion USD and stressed the need for increasing trade.
Hisarcıklıoğlu, addressing the ambassadors of the Arab League, stated
that they are following the League which has 2.8 trillion USD foreign trade
volume closely, “Following the global crisis growth rates in the Arab region
fell back to 2-3%. The Arab region is very important for Turkey. We are
brothers and neighbors. However, we conduct 8% of our foreign trade with the
Arab League; the Arab League conducts only 1% of its trade with us. We are
doing business together.”
Stating that the only way to increase prosperity and lower the wealth
gap is to increase trade, Hisarcıklıoğlu said, “Especially in regards to
bilateral trade. The western world, which for centuries was at war with itself,
prospered by increasing trade with each other. The most concrete proof of it is
just next door. EU countries conduct 70% of their international trade with each
other. Western countries are implementing even more partnerships. The US is
pursuing the goal of becoming a single economic block with the EU and Asia-Pacific
countries. These rich countries are coming together to become even richer. As
Islamic countries, we only conduct 20% of our foreign trade with each other.”