Vice President Yilmaz: ''The economic program we are implementing with determination is producing successful results''

The panel titled 'Changing Geopolitical and Economic Dynamics in the New World Order' hosted by the Tax Accountants Foundation was attended by former UK Prime Minister Boris Johnson, former World Trade Organization Director General Roberto Azevedo, Tax Accountants Foundation President Ahmet Eren and many business people. The opening speech of the panel was made by Vice President Cevdet Yılmaz.

Yilmaz said that the US's tendency towards protectionism has gained momentum with its trade policies, and that this situation has significantly affected the direction of international trade. Yilmaz stated that an environment of uncertainty is seen in the global economy as of 2025, and said, ''The inauguration of Mr. Donald Trump as the President of the United States for the second time on January 20, 2025 has important repercussions not only in terms of US domestic policy, but also in terms of the global trade order.''

Yılmaz said, ''With the Presidential Decrees, new trade policies aimed at strengthening the economic and technological capacity of the US and protecting its national security have been put into effect in line with the 'America First' approach. These developments reveal that although the US has occasionally shown flexibility in its trade policies, the general direction continues to contain uncertainties. It is not clear how the negotiation process, which has started simultaneously with many countries, will end. The reactions of major economies, especially China and the EU, will determine the direction of the global economy. As Türkiye, we are closely monitoring the developments.''

''The economic program we have been implementing with determination is producing successful results''

Speaking about the impact of developments in global trade on Türkiye, Yilmaz said, ''Recent global trade wars, reshaped international trade and global supply chains, and the decline in commodity prices, especially oil, are bringing some new opportunities for Turkey. Turkey offers great potential to investors with its strategic location, young and dynamic population, qualified workforce, and economy that has reached 1.3 trillion dollars. Free trade agreements with the European Union and other countries make our country a part of an economic region of approximately 30 trillion dollars and secure our exports against increasing protectionism in trade. The economic program we are implementing with determination is producing successful results, increasing investor confidence, and strengthening Türkiye's position as a production and investment base.''

Stating that they are following policies that will increase investments, Yilmaz said, ''We are improving the investment environment to further increase our growth potential, and we continue to implement policies that will enable existing investors to expand their activities and encourage new investments. When we look at the reflection of these dynamics on the field, Turkey has become one of the rare countries that recorded an increase in global direct investments in 2024 in an environment where global direct investments generally decreased.''

''While the demand for foreign currency deposits has decreased, reserve accumulation has resumed''

''The positive results of our economic program are felt in every area,'' continued Yılmaz, ''In this process, we are pleased to see that the disinflation process is gaining momentum. The increase in export and tourism revenues has contributed to the narrowing of the current account deficit; our financial stability has been further strengthened with the increase in our reserves and the decrease in the risk premium, and foreign interest in TL-denominated bonds has increased again. While the demand for foreign currency deposits has decreased, reserve accumulation has resumed. During this period, we are ensuring strong coordination between monetary, fiscal and income policies. With this approach, we are moving forward with sure steps towards our development goals; we look to the future with confidence. We keep structural reforms on our priority agenda for all these gains to become permanent.''

Former UK Prime Minister Boris Johnson also made a statement at the program, stating that the infrastructure investments made in Türkiye are incredible.

''Türkiye is taking on an important role on the world stage''

Underlining that Türkiye has become an important country on the world stage, Johnson said, ''Turkey plays an important role on the world stage. It is a bridge between the East and the West. It is a NATO member and in an important position. Turkey has also done important work in Syria. It contributes to peace and stability.''

''Both the US and China need to be reasonable''

Johnson also touched upon the issue of tariffs that have developed between the US and China and have negatively affected global trade, and said, ''The 10 percent tax imposed on Türkiye by the US is still very high. Trump has been talking about new tariffs for a very long time. Trump wants investment to remain in the US with tariffs. Still, we need to inject some logic into trade. I don't even think the US can produce iPhones at normal costs within its own borders. Both the US and China need to be reasonable. China is an increasingly indispensable part of the global economy, but people overestimate China's global hegemony and underestimate the power of the US. The US is by far the richest country in the world. There is room for development and growth in the US. These conditions are not present in China.''

Johnson, who stated that the war between Russia and Ukraine created a negative situation affecting the entire world, said, ''The war in Ukraine will end when Putin realizes that he will never be able to take control of Ukraine. Ukraine did not start this war. Ukraine was attacked, Russia attacked. This war was an absolute disaster. It put pressure on economies and brought inflation. People lost their lives because of this senseless war. We cannot bring this war to an end by hoping. Putin's policy is to protect Russia from the enemies that surround it. Putin does not want to be friends with the West. Putin must immediately withdraw from the region he occupied. Putin must accept Ukraine's choice of an independent European country to determine its own destiny. Ukraine is as independent as Turkey is. We must talk about the sanctions package and the military support package in the long term. The end of this war will be good for all of us, for security and uncertainty. Let's establish trust in Ukraine.''

UAV

Editor: News Center