Turkey calls for forming clearing house within D-8

Foreign Minister Mevlut Cavusoglu says Turkey looks to conduct trade with Developing Countries (D-8) in local currencies

Turkey calls for forming clearing house within D-8

Turkey calls for forming a clearing house within Developing Countries (D-8) to conduct trade in local currencies, Foreign Minister Mevlut Cavusoglu said Saturday.

"We are experiencing a period of trade wars. The best response against this would be using our local currencies in trade. Turkey is preparing to do trade in local currencies with countries such as China, Russia, Iran and Ukraine. We also continue such negotiations with other countries.

"It is possible to realize this within D-8. Therefore, we propose to form a clearing house within D-8," Cavusoglu said at the opening speech of the 18th Meeting of the Council of Foreign Ministers of the Organization of D-8 in southern Antalya province.

On June 15, 1997, the D-8 was launched after Turkish Prime Minister Necmettin Erbakan proposed the creation of an economic group consisting of eight emerging economies from the Muslim world.

Alongside Turkey, Indonesia, Bangladesh, Egypt, Iran, Malaysia, Nigeria and Pakistan created an organization based in Istanbul.

Cavusoglu said the countries need to work more to renew and revive, adding: "We can increase our strength and potential with new members."