Turkish exports, which have been falling due to a decline in demand overseas, will soon start recovering, according to trade minister Ruhsar Pekcan, who recently told a virtual meeting with the heads of the European Business Council of the Foreign Economic Relations Board that exports to the European Union rose by 4.1 per cent in the first two months of 2020.

Pekcan said falling demand due to quarantine measures resulted in a decrease in exports, according to Turkish media report.

On the shortage of foreign exchange, he said Turkey will overcome the problem through the expansion of trade in local currencies among Turkic Council members.

Earlier, treasury and finance minister Berat Albayrak said Turkey will take decisive steps regarding trade in the local currencies of countries with which it runs trade deficits while shoring up import regulations over the coming two months.

Noting that Turkic countries should prioritise agreements on bilateral and regional services, trade, investment and e-commerce, Pekcan also urged these countries to act jointly for the effective use of railways in foreign trade during the period of the pandemic.

Fibre2Fashion News Desk (DS)

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