Istanbul Summit Seeks WTO Reform to Foster Fair Global Trade

Istanbul: The Europe and Asia summit of the World Chambers Federation commenced in Istanbul, focusing on the need for reform in the World Trade Organization (WTO) to sustain fair and competitive global trade. The two-day event, which started on Tuesday, has drawn over 800 business leaders from 62 countries, aiming to address key global trade challenges and enhance cooperation between Europe and Asia.

According to Anadolu Agency, Rifat Hisarciklioglu, the head of Turkey’s Union of Chambers and Commodity Exchanges, emphasized the urgency of WTO reform in his address at the summit. Hisarciklioglu highlighted the detrimental impact of rising protectionism on global commerce, especially affecting small and medium-sized enterprises (SMEs). He pointed out that 75% of world trade is regulated by WTO rules, which are crucial for maintaining stability and predictability in the international market.

“To meet the challenges of the 21st century, we must work together to preserve and improve these rules. The business wor
ld must actively support these changes,” Hisarciklioglu stated, underlining the collective effort required to adapt to the evolving economic landscape.

The summit serves as a platform for dialogue and collaboration among business professionals, government officials, and representatives from various private sector and institutional backgrounds. Discussions over the two days are expected to further elaborate on strategies to support the proposed reforms and enhance global trade dynamics.