Türkiye aims to elevate intra-D-8 trade to 10% with modern agreements

Türkiye is working to enhance its trade relations with the Developing Eight (D-8) Organization by modernizing the D-8 Preferential Trade Agreement.

Turkish Trade Minister Omer Bolat emphasized the need for “next-generation trade agreements” to achieve the organization’s target of raising intra-D-8 trade to 10%.

Bolat noted that the 11th D-8 Leaders’ Summit, hosted by Egypt, would focus on strengthening political and economic cooperation among member states. The summit, attended by President Recep Tayyip Erdogan and other heads of state, will address key issues such as trade, energy, agriculture and food security.

D-8 preferential trade agreement to be revamped

Bolat revealed plans to expand the scope and disciplines of the D-8 Preferential Trade Agreement. “Transforming this agreement into a next-generation trade framework is essential,” he stated.

During informal ministerial meetings earlier this year in Istanbul, Türkiye proposed expanding the agreement’s product coverage and trade disciplines. Member states reached a consensus on preliminary work, which is expected to be reflected in the summit’s final declaration.

Bolat highlighted the need to accelerate efforts to achieve the trade target outlined in the D-8’s 10-Year Roadmap for 2020-2030. Currently, intra-D-8 trade accounts for 6.6% of the total trade volume.

Significant growth in Türkiye-D-8 trade relations

Bolat shared key statistics showcasing Türkiye’s growing economic ties with D-8 nations:

• Türkiye’s exports to D-8 countries in 2023 reached $9.1 billion, while imports totaled $13.1 billion.
• Trade volume between Türkiye and D-8 nations increased by 22.6% over the past five years.
• D-8 countries contributed 3.6% to Türkiye’s total export and import figures.

The D-8 nations, with a combined gross domestic product (GDP) of $4.8 trillion and a population of 1.2 billion, offer significant potential for expanding trade and economic collaboration, Bolat noted.

Türkiye’s role in addressing regional humanitarian crises

Beyond economic objectives, Türkiye continues to advocate for unity among Islamic nations on pressing global issues. Bolat highlighted Türkiye’s consistent efforts to raise awareness of the Palestinian cause and address crises in Gaza, Lebanon and Syria.

During the summit, special sessions will discuss challenges in reconstruction and humanitarian aid in Gaza and Lebanon. Türkiye also plans to encourage coordinated international actions to address ongoing crises in the region.

Bolat affirmed Türkiye’s commitment to promoting peace and prosperity through its leadership role in the D-8, emphasizing that collective efforts are crucial for achieving sustainable development and stability across member states.