Economy

Turkish trade minister urges G20 to avoid protectionism

G20 should continue cooperation, refrain from arbitrary/disguised restrictive actions and non-tariff barriers, says Pekcan

Tuba Şahin   | 23.09.2020
Turkish trade minister urges G20 to avoid protectionism

ANKARA

Turkey’s trade minister on Wednesday urged G20 officials to maintain cooperation and avoid protectionism for better implementation of the group's actions.

"Open, free, fair and rules-based multilateral trading system plays a vital role in promoting predictability and stability for international trade and achieving economic recovery from the COVID-19 pandemic," Ruhsar Pekcan told a G20 Trade and Investment Ministers Meeting held virtually with the participation of top officials from 26 countries.

Pekcan stressed that the pandemic shaped discussions at this year’s meeting, focused on tackling the outbreak’s fallout on societies and economies.

She underlined that the ministers achieved more progress in the implementation of G20 actions, particularly in eliminating some trade hurdles and putting more trade facilitation instruments into practice.

"We should continue our cooperation and refrain from arbitrary or disguised restrictive actions and non-tariff barriers in our bilateral as well as multilateral relations, no matter what the reason is," Pekcan said.

Pointing to the importance of micro-, small- and medium-sized enterprises for many G20 economies, including Turkey’s, Pekcan welcomed the G20's policy guidelines on boosting those enterprises’ international competitiveness.

"The Joint Statement Initiative on this particular issue is a vital tool in overcoming burdens encountered by these enterprises, as well as enhancing their integration into the global economy and resilience to external shocks," Pekcan said.

She also underlined the role of the Specialized Free Zones Turkey established to promote market-oriented technological development, contribute to the establishment of knowledge-based economies, and attract foreign investment.

This June, the country launched free-trade zones specializing in R&D, high technology, and high added-value activities.

Turkey’s Trade Ministry provides incentives for companies that take part in the zones, such as tax exemptions, breaks on rent, and qualified employment support.

Anadolu Agency website contains only a portion of the news stories offered to subscribers in the AA News Broadcasting System (HAS), and in summarized form. Please contact us for subscription options.
Related topics
Bu haberi paylaşın