Protectionist trade policies may seem lucrative in the short term, but in the long run, they are damaging, Mehmet Emin Özcan, the CEO of state lender Vakıf Bank, warned on Wednesday.
"It is not conflicts that enhance the welfare of humanity, but cooperation,” he told the 9th Istanbul Finance Summit's (IFS'18) opening session.
"The best example of this cooperation is international trade, which is not only trade in goods, but also cultural exchanges," he added.
He also underlined that unilateral determinations on international trade are contrary to its nature.
"I hope all parties, especially the U.S., will end the process called trade wars," he said.
Meliksah Utku, the CEO of private participation bank Albaraka Turk, stressed that trade wars are expected to affect he U.S. and China hardest.
Turkey will not be affected by them due to its flexible and wide-ranging export structure, he stressed.
"Some studies show that trade wars may even affect Turkey positively," he added.
Touching on currency fluctuations in Turkey, Utku said the bad effects of this would be temporary due to the wise economic course of the country's administration.
Ali Fuat Taskesenlioglu, the head of Turkey’s Capital Markets Board (SPK), said that unfortunately, the top issue this year is the problem of trade wars.
"History has seen several trade wars, and currently, there is a global trade war with diplomatic and economic effects," he stated.
Trade wars raise of local firms' input costs, and Turkey needs to develop domestic industry and provide sustainable growth, he underlined.
During the two-day IFS'18, which kicked off on Wednesday, 19 sessions will be held on a range of issues under the general theme "Trade Wars and Financing Industries."
The summit will be attended by a host of officials, economists, businesspeople, bankers, and academics.
