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TOBB says Turkey Arabic world must establish barter bank


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                                                                      TOBB says Turkey, Arabic
                                                                      world must establish


 FAMILY & HEALTH                                                      barter bank
                                                                      Hisarciklioglu, said Thursday Turkey and the Arabic world
 ISLAM                                                                must establish a barter bank.

 TECHNOLOGY                                                                                                   Thursday, 10 June 2010 13:34


ENVIRONMENT            President of the Executive Board of the Union of Chambers and Commodity Exchanges of Turkey (TOBB),
                       Rifat Hisarciklioglu, said Thursday Turkey and the Arabic w orld must establish a barter bank.

                       The Third Meeting of Foreign Ministers of Turkish-Arab Cooperation Forum (TAC) began together w ith TAC
 WRITERS               Economic Forum at the Four Seasons Hotel in Istanbul.
                       Speaking at the inauguration of the meeting, Hisarciklioglu thanked Turkish Prime Minister Recep Tayyip
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                       Erdogan for his support extended to the TAC for the past five years.
  New s Analysis
                       The Arabic w orld, extending from the Atlantic Ocean to the Persian Gulf, with a population of around 350
                       million people has a special place in the heart of the Turkish business w orld, Hisarciklioglu said.

                       At a time w hen the balance of pow er is being re-shaped, it is the common wish of the Turkish business
                       community to see an Arabic w orld w hich has solved its regional problems, and reached w elfare and
                       stability, Hisarciklioglu stressed.

                       We w ant to establish cooperation w ith the Arabic w orld in all fields by maximum cooperation and
                       integration, Hisarciklioglu said.

                       As the business w orld, w e favor the establishment of permanent peace and stability in the region,
                       Hisarciklioglu said.

                       The history of our region shows us that no problem could be solved by the use of force. We are against
                       embargoes, isolations and military interventions, Hisarciklioglu said.

                       Commercial relations betw een Turkey and Arab countries developed significantly in the past several
                       years, Hisarciklioglu noted.

                       There are things we must do in order to continue this nice trend. We must first of all modernize the
                       transportation net among our countries. Secondly, w e must establish a strong banking system among
                       our countries. We need to create a joint barter bank. Accordingly, w e can reduce the dependency of
                       Turkish and Arabic businesspeople on foreign banks. We can preserve the financial resources of the
                       region in the region, Hisarciklioglu said.

                       Touching on the importance of lifting obstacles in the face of commerce, Hisarciklioglu said that the
                       negotiations on free trade agreement betw een Turkey and Lebanon and Turkey and Gulf Cooperation
                       Council must be completed soon.

                       Once these tw o agreements get signed, a vast area of free trade between the Eastern Mediterranean
                       and Persian Gulf would be created, Hisarciklioglu said.

                       We invite Arab companies and investment funds to make more investments in Turkey. Let us work
                       together to turn our region into one of peace, stability and w elfare, Hisarciklioglu also said.


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