Turkey wants trade between D-8 to increase

  Date posted: 11th of May 2012

Turkey Science, Industry and Technology Minister, Nihat Ergun has called for trade between the Developing Eight (D-8) countries in the world to increase to allow the countries to grow even more.

Speaking at a D-8 Industry Minister’s summit in Istanbul, Ergun said that the trade volume between the D-8 countries currently stands at around $100 billion in 2010. Ergun said: “I believe we will double this figure in the next five years.”

The D-8, consisting of: Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey is an initiative launched in 1997 by the Turkish Prime Minister at the time. Currently these countries represent a population of 1 billion people.

Currently the trade between the D-8 countries represents 7 percent of their total trade volume of all the eight countries. Ergun said in reflection to this: “This is good news of course. But still it is not satisfying.”

The D-8 countries are all countries that are growing fast and developing rapidly to become power countries in the world. Turkey is currently one of the fastest growing countries in the world, should the trade between the D-8 countries increase, Turkey will benefit along with the other countries that will also see benefits and stimulate growth of the countries.