How will G20 presidency change Turkey?

How will G20 presidency change Turkey?

Baku, Azerbaijan, Jan. 26

By Jamila Jafarova - Trend:

Turkey has become a chairing country of the G20 forum for the first time in the forum's history. The country plans to hold the first meeting of the G20 energy ministers. What does Turkey expect from the G20 presidency?

First of all - the inflow of foreign investments. The volume of foreign investments in the Turkish economy reached almost $ 13 billion in 2014.

Ankara has recently conducted many reforms to attract foreign investments into the country. Moreover, in his recent statement, Turkish Prime Minister Ahmet Davutoglu promised that Ankara will simplify the process of making foreign investments in the economy.

The trade development with other countries can solve many economic problems of Turkey. It can eliminate the imbalance in the overproduction in some countries and its deficit in other countries.

Moreover, a "multi-dimensional" trading system is expected to be worked out during Turkey's G20 presidency. Davutoglu has repeatedly talked about this before.

An important component of this system will become the principle, according to which economic cooperation of some countries will not hinder the development of the other ones.

A good example is the forthcoming agreement on transatlantic trade and investment partnership between the EU and the US, which, if signed, may cause damage Turkey's economy.

During its presidency in the G20 in 2015, Turkey also intends to take on the role of the country, coordinating cooperation among the developing countries of the world. But how Ankara will manage to be a coordinating country, while for that it at least needs to have a developed economy?

That is why the prime minister of Turkey stated the need to increase the total GDP of the country by 2.1 percent, which will bring the world economy $2 trillion.

Meanwhile, the forecasts of the World Bank (WB) say about the possibility of reducing the GDP of the G20 countries by 3 percent in 2015-2016.

The role of a coordinating country can bring Turkey additional benefit in the form of improvement of relations with the EU. After all, the EU postpones Turkey's accession to this organization for a number of reasons, claiming that the country is not ready yet.

However, despite the unstable situation in the Middle East and a number of countries neighboring with Turkey, Ankara managed to maintain political stability, which has led to the development of the country's economy. And yet - no obvious progress in the country's relations with the EU that are worth talking about.

Despite the Turkish President Recep Tayyip Erdogan said that accession to the EU is not interesting for Ankara, Turkey, becoming a coordinator country, will develop economic relations with the European Union.

Turkey's chairmanship of the G20 will also cover the energy sector.

Although currently Turkey can't get rid of energy dependence on other countries, it intends to continue its 'energy bridge' policy between the states rich with hydrocarbons and those which need these resources.

One of the main reasons is that Turkey has become a participant of a number of energy projects which can ensure EU's energy security.

It is not ruled out that during Turkey's chairmanship in G20, the country's agenda will include the alternative energy projects such as 'Turkish Stream', the implementation of which is currently under question.

Considering Turkey's policy in recent times, it is expected to make every effort to become one of the influential countries of G20, which will increase its role on the international arena.

Edited by SI


Jamila Jafarova is Trend Agency's staff journalist

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