Protectionism reduce wealth: Turkish union head

ISTANBUL

Protectionist policies reduces wealth instead of growing it, the head of the Union of Chambers and Commodity Exchanges of Turkey (TOBB) said Tuesday.

"For developing countries, the road for the wealth is to increase trade," Rifat Hisarciklioglu said during the Turkey-Pakistan Chamber of Commerce and Industry Forum in Istanbul.

He said if peace and wealth are desired in countries, it would be achieved though trade because the trader does not deal with a fight.

The way to spread welfare and make it permanent is to promote and increase trade and entrepreneurship, he said.

“The bilateral trade between Turkey and Pakistan is around $700 million which does not fit to two sister countries,” Hisarciklioglu said in a separate meeting Tuesday held by the Chamber of Turkey-Pakistan Trade and Industry's Forum.

“We make cooperation in several areas and work together on regional development projects, but we could not raise the economic cooperation as we desire,” he added.

He noted the importance of visits for trade as they increase trade, partnerships and investments.

“Visa issue is a serious obstacle for the trade,” he said. “We must get rid of this to make more trade and bilateral investments.”

Daroo Khan Achakzai, the president of Federation of Chambers of Commerce and Industry of Pakistan, noted that the Gulf and Central Asia had many opportunities for cooperation that can be had by developing a trade network.

*Writing by Gokhan Ergocun;