D-8 member states hold conference on new generation barter trading system

ISTANBUL

The D-8 Organization for Economic Cooperation held a conference on Wednesday on the “New Generation Barter Trading System” (NGBT) in Istanbul.

Mustafa Tuzcu, Turkish deputy trade minister, said at the event that the economic size of the D-8 member states is about $5 trillion, and the trade volume is at $2.5 trillion.

Tuzcu stated that the organization’s 10-year plan is to increase the trade between member states to at least 10%, and to reach this target, he noted that the D-8 members have put in immense effort in the last two years.

“We will not let disruptions such as wars and pandemics to affect us, and we stand in solidarity, and we have the ability to shape the world economy,” he said.

He noted that the new generation barter system will offer the D-8 member states a unique opportunity to facilitate trade between each other while enabling investments.

Isiaka Abdulqadir Imam, secretary-general of the D-8, stated at the event that the member states within the organization account for about 14% of world population, housing 1.3 billion people.

Imam noted that the total GDP of the member states made up $4.8 trillion in 2022, accounting for about 5% of global GDP, while the trade volume of D-8 countries among themselves grew from $15 billion in 1997 to $147 billion in 2023.

Imam highlighted that Wednesday’s conference was to introduce the NGBT to stakeholders within the D-8 to make sure the participation and that the implementation of the scheme goes as smoothly as possible, as it is estimated to increase the trade within the D-8 to $50 billion in a decade.

He mentioned that the new generation barter system is a response to Turkish President Recep Tayyip Erdogan’s call at the 2017 summit held in Istanbul.

The event was held in collaboration with the Turkish firm AS Holding and was attended by the Turkish deputy trade minister and the D-8’s secretary general, AS Holding chairman Murat Doganay, and Istanbul University’s rector Osman Zulfikar, as well as delegations from member states and private sector representatives.

*Writing by Emir Yildirim