Turkish President Recep Tayyip Erdogan addresses the opening session of a D-8 summit in Istanbul, Turkey, on Oct. 20, 2017. Turkish President Recep Tayyip Erdogan on Friday called on leaders of Developing 8 countries to use national currencies in intra-trade transactions. (Xinhua/Anadolu Agency)
ISTANBUL, Oct. 20 (Xinhua) -- Turkish President Recep Tayyip Erdogan on Friday called on leaders of Developing 8 countries to use national currencies in intra-trade transactions.
"If we can lead the way in using our national currencies in trade among our countries, we will mark a revolution in the history of D-8," Erdogan said at the opening session of a D-8 summit in Istanbul.
"There is no reason to allow our economies to melt under the pressure of exchange rates," he added.
Turkey and Iran, two D-8 members, have just agreed to trade in their local currencies.
Erdogan proposed the central banks of D-8 member states to come together for the establishment of a clearing house, and urged the private sectors of member countries to get involved in D-8 activities more actively.
He noted that the average national income per capita of D-8 countries was 1,820 U.S. dollars when the organization was established 20 years ago and stands at 4,500 dollars today.
"Of course, that is not enough," the president said. "It has to go much further."
The D-8 summit is hosted under the theme of "Expanding Opportunities through Cooperation" among member states, namely Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey.
