site.btaTurkiye’s President: Islamic World Fails to Attain Desired Place in Global Trade

Turkish President Recep Tayyip Erdogan said that the Islamic world is failing to secure its rightful place in global trade and therefore new economic policies are needed. Erdogan was speaking Monday at the opening of a ministerial meeting of the Standing Committee for Economic and Commercial Cooperation of the Organisation of Islamic Cooperation (OIC), held in Istanbul. The session, broadcast live on social media, focused on developing export strategies.

“When we look at the 50-year history of the OIC, we see that the Islamic world has not received the share it deserves from global trade. This is a truth we cannot ignore,” Erdogan said. “During this period, per capita income in OIC member states rose from USD 1,169 to USD 4,453, while globally it increased from USD 2,611 to over USD 13,000. Our share in global trade has remained in 11th place,” he added.

Erdogan stressed that OIC countries are falling short of their target for a 25% share of intra-OIC trade.

“The Islamic world, which holds 60% of global natural gas reserves, 65% of oil reserves, and 25% of the world’s population, still cannot achieve the position it desires in international trade,” he said.

As a way to improve these figures, Erdogan highlighted ongoing projects within the OIC and the expansion of the Preferential Trade System, established in 2022, through the inclusion of new member states.

“We expect the support of all members for expanding this system with a new generation of trade agreements. We invite all countries that have not yet joined the Preferential Trade System to do so, and those already in it to deepen our trade relations,” Erdogan stated.

He also called for the creation of financial instruments such as export-supporting credit mechanisms and for broader participation in joint programmes for small and medium-sized enterprises. Erdogan further underlined the need for greater use of the OIC Arbitration Centre.

The Turkish president also presented results from the OIC Project Support Program, noting that 180 projects have been implemented so far, with 56 countries participating either as beneficiaries or by providing financial instruments.

“This year, an additional 23 projects will be implemented. We are also adding eight new projects to the Jerusalem Program, which currently includes 20,” Erdogan said.