Caglayan warns against protectionism

Foreign Trade Minister Zafer Caglayan yesterday voiced Turkey 's determination to apply free market principles to international trade. Speaking to reporters following a meeting with International Chamber of Commerce (ICC) Chairman Victor Fung in Ankara , Caglayan said global trade has gone through restructuring due to the global financial crisis. Terms such as capitalism were redefined as people had to face an even tougher atmosphere of trade competition, he explained. Caglayan said Turkey is firmly against protectionism in global trade, and that this became more apparent after the crisis began. "In a cutthroat environment, some countries and businesses chose protectionism, believing that they would come out of the crisis first," he said. The crisis, in this sense, damaged fair global competition, he argued. Telling how Turkey is one of the 13 economies that enjoyed an upgrade in their credit rating despite the crisis, he said the country is seen as one of the prominent players of the future that will leave their mark on the global economy.. " Turkey is poised to become one of the hubs for healthy free market conditions," he added. For his part, Fung said trade is the driving force behind the global economy, adding that countries should strive to maintain a healthy trade system. He added that Turkey , as a member of the G-20, can contribute to this process.