Turkey seeks trade in local currencies among D-8 states

  21 October 2017    Read: 776
Turkey seeks trade in local currencies among D-8 states

Turkish President Recep Tayyip Erdogan on Friday called for trade with Developing-8 countries in local currencies as a way to ease pressure of exchange rates on member states, according to Anadolu Agency.

Speaking at the D-8 Summit in Istanbul, Erdogan said: "If we can pave the way for using our national currencies in trade among our countries, we will make a revolution in the D-8 history. There is no need to dissolve our economies under the pressure of exchange rate."

Turkey is hosting the summit this year under the theme ‘Expanding Opportunities through Cooperation’, taking over the charge from Pakistan.

Erdogan urged the member states to bring together their central banks and establish a clearing house.

"We all have to embrace the D-8 and make efforts to increase its efficiency, productivity and strength,” he added.

“We have the potential of wide-ranging cooperation in many fields; from good agricultural practices to clean energy, transportation to environment and education,” he said.

The Turkish president also suggested the need to include new members in the organization.

“In a world, where everything changes, it is never acceptable that D-8 remains unchanged.”

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