THE FUTURE OF GLOBAL TRADE: ASIA

Countries in the Asian region are increasingly competitive with the rest of the world

Countries in the Asian region are creating added value through digitalization, technology, and R&D-oriented development objectives. They are enhancing their competitiveness globally by establishing new markets and blocs through regional economic collaborations like ASEAN and RCEP. Asia, having evolved into the global production hub and wielding significant influence in the world economy and future of global trade due to its economic development and dynamism, holds great importance for our country’s economy. In 2022, Türkiye’s exports to the Asia Pacific region amounted to 13,563 million USD, while imports from the Asia Pacific region reached 83,197 million USD. Examining these figures, it’s evident that the Asia Pacific region plays a substantial role in our country’s economy.

We have a deficit of about 70 billion USD in the region. Through boosting our exports, our aim is to expand our contribution to global foreign trade and attain a more balanced foreign trade relationship with the Asia Pacific region. DEİK/Asia Pacific Business Councils, as the sixth region within DEİK, comprising 17 countries and 2 regions, has notably enhanced its activities in 2023. We are actively working towards achieving these objectives through our DEİK/Asia Pacific Business Councils. Within the region, we are dedicated to comprehending the investment and business landscape in Türkiye while simultaneously raising awareness of Turkish brands and the business community.

We closely monitor all activities related to the Regional Comprehensive Economic Partnership (RCEP) agreement, which involves 10 ASEAN and 5 Asia Pacific countries and came into effect on January 1, 2022. DEİK has established an ASEAN Working Group in connection to the ASEAN Union, which is part of RCEP, and where Türkiye holds the status of a “Sectoral Dialogue Partner”.

The ASEAN Working Group comprises Chairpersons of Business Councils, seven of which represent ASEAN countries, along with officials from the Asia Pacific Department of the Ministry of Trade. DEİK/Türkiye-Asia Pacific Business Councils closely monitored Belt and Road Project developments through forums and sessions in the Greater Bay Area and Asia, spanning southern China. They actively engaged in regular visits to pertinent countries, effectively representing Türkiye in their endeavors. In alignment with the Ministry of Foreign Affairs’ “Asia Anew” strategy and the Ministry of Trade’s “Far Countries” strategy, collaboration has been established, with 11 out of 18 countries falling within the Asia Pacific region.

I am confident that these concerted efforts will continue to fortify our country’s ties with the Asia Pacific region in the upcoming period, ultimately rendering the notion of “far” in the term “Far East” increasingly irrelevant. Especially noteworthy is the splendid celebration of the 100th anniversary of our Republic on October 29, carried out under the auspices of our embassies and consulates general. The highest official of the Hong Kong Special Administrative Region participated in the reception held in Hong Kong, organized by our Consul General in Hong Kong. Furthermore, all October 29 celebrations in the Asia Pacific region were conducted at the highest level, featuring the participation of representatives from countries across the region.