Erdogan calls for D8's expansion & trade in local currencies among members

President Recep Tayyip Erdogan on Friday called for trade with Developing8 countries in local currencies as a way to ease pressure of exchange rates on member states.

Speaking at the ninth D8 Summit in Istanbul, Erdogan said, “If we can pave the way for using our national currencies in trade among our countries, we will make a revolution in the D8 history. 

"There is no need to dissolve our economies under the pressure of exchange rate,” he added.

Turkey is hosting the summit this year under the theme "Expanding Opportunities through Cooperation", taking over the the organisation's chairmanship from Pakistan.

Nigerian President Muhammadu Buhari, Azerbaijani President Ilham Aliyev, Pakistani Prime Minister Shahid Khaqan Abbasi, Iranian First Vice President Eshaq Jahangiri and Indonesian Vice President Jusuf Kalla are attending the summit.

Erdogan urged the member states to bring together their central banks and establish a clearing house.

“We all have to embrace the D8 and make efforts to increase its efficiency, productivity and strength,” he added.

“We have the potential of wide-ranging cooperation in many fields; from good agricultural practices to clean energy, transportation to environment and education,” he said.

The Turkish president also suggested the need to include new members in the organisation.

“In a world, where everything changes, it is never acceptable that D8 remains unchanged.”

Optimising collective resources

In his remarks, Pakistani Prime Minister Shahid Khaqan Abbasi pointed out “the vast potential and resources” of D8 countries.

“Realising our combined potential and optimising our collective resources requires cooperation and collaboration amongst us, at every level and every field,” Abbasi said.

“It is also our sincere desire to see the D8 enter the project-implementation phase with clear focus on the development, progress and prosperity of our peoples.

“We also aspire for it to have a stronger voice at the international level.”

Referrring to the handing over of the D8 presidency to Turkey, Pakistani premier said, “I am confident that your [Erdogan] wisdom, sagacity, dynamism and firm commitment will bring new vigor to the D8 Organization for Economic Cooperation.”

Increasing cooperation

Speaking at the press briefing following the Summit, Erdogan said that the countries were planning on increasing cooperation in defense industries, agriculture, tourism, education and energy.

Citing the importance of youth, he also announced more project-focused endeavors geared towards the younger populations, including the establishment of a D8 university to be founded in Iran. 

Rohingya crisis

In his closing remarks, Erdogan said D8 should be a platform for addressing the problems and conflicts that Muslims face.

Citing the example of the ongoing tragedy in Myanmar’s Rakhine state, he said the organisation should not stay silent over the situation of Rohingya Muslims.

The president said it was not right that the burden of helping Rohingya should only be placed on Bangladesh. 

“What is important here is how can we relieve Bangladesh?” Erdogan said, calling on member states to alleviate the burden of Bangladesh.

Since August 25, around 589,000 Rohingya have crossed into Bangladesh, according to the UN. 

The refugees are fleeing a military operation in which security forces and Buddhist mobs have killed men, women and children, looted homes and torched Rohingya villages.

Founded in 1997

The D-8 was founded by former Turkish Prime Minister Necmettin Erbakan in 1997.

Formed as an economic alliance, the body consists of Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey.

At present, the organisation has a combined gross domestic product of $3.7 trillion and includes more than one billion people -around 15 percent of the world’s population.

Two of its members - Turkey and Indonesia - are among the world’s 20 biggest economies.

- Additional reporting from Fatima Taskomur