Turkish minister says protectionism may deepen global recession

Turkish State Minister Tuzmen said protectionist policies might make the global commercial recession permanent.

Turkish minister says protectionism may deepen global recession

Turkish State Minister Kursad Tuzmen said Sunday protectionist policies might make the global commercial recession permanent.

Speaking to the AA in Moscow, Tuzmen said, "it is not important to find out where the global economic crisis generated from. What is important is how Turkey will get out of this crisis. Will we get out of the crisis by getting weakened or stronger?"

"Global commerce will shrink by two percent in 2009. Just a few months ago, a barrel of oil was selling for 150 USD. Now, a barrel of oil costs 40-45 USD. Such a decrease in the price of oil indicates the declining demand globally. The global trade is yet to see the worst days," Tuzmen said.

Protectionist policies and devastating competition would make the global commercial recession permanent and hurt growing countries, Tuzmen said.

Stressing the importance of Turkish-Russian trade relations, Tuzmen said that Russia was Turkey's biggest trade partner.

While the trade volume with Russia was 4.5 billion USD in the year 2000, this volume went up to 38 billion USD in 2008, Tuzmen said.

The goal of the two countries was to help this trade volume reach higher amounts, Tuzmen said.

There was no bilateral or regional problem that Turkey and Russia could not overcome with a constructive perspective, Tuzmen said.

Turkey and Russia could protect themselves from global developments by facilitating the free movement of goods, service and capital between themselves and utilizing their own currencies, Tuzmen also said.

AA

Last Mod: 15 Şubat 2009, 17:40
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