Europe, Asia summit of World Chambers Federation begins in Istanbul


(MENAFN) The Europe and Asia summit of the World Chambers Federation began in Istanbul on Tuesday, bringing together over 800 businesspeople from 62 countries. This two-day event aims to connect sector professionals, officials, experts, and representatives from various private sector institutions, fostering an environment for collaboration and discussion on key business issues.

At the summit, Rifat Hisarciklioglu, president of Türkiye's Union of Chambers and Commodity Exchanges, emphasized the urgent need for reform within the World Trade Organization (WTO) to ensure that global trade remains fair and competitive. He pointed out that rising protectionism poses significant risks to global trade and disproportionately affects small and medium-sized enterprises (SMEs), which are vital to economic stability and growth.

Hisarciklioglu noted that approximately 75 percent of global trade is governed by WTO rules, which play a critical role in providing stability and predictability in international commerce. He underscored the importance of preserving and improving these rules to meet the evolving challenges of the 21st century, calling for a unified effort from the business community to support necessary changes.

The summit serves as a platform for dialogue on these pressing issues, encouraging collaboration among participants to advocate for reforms that can enhance global trade dynamics. By addressing the challenges posed by protectionism and supporting a robust framework for international trade, the attendees aim to contribute to a more stable and equitable global economic environment.

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