Erdogan calls for global economic cooperation and fair debt terms at G20

President Recep Tayyip Erdogan has called for enhanced international cooperation and sustainable economic policies to revitalize global trade during his address at the G20 summit in Johannesburg, South Africa. The Turkish leader emphasized that current economic challenges affect all nations, not just developing economies, and require coordinated global action.

Strengthening Global Trade Systems

Erdogan stressed the importance of reinforcing international trade regulations to better support development objectives. He specifically highlighted the need to reaffirm commitment to the World Trade Organization's principle of special and differential treatment for developing nations. The president argued that trade's role in driving global economic growth has diminished over time and requires new policy instruments to restore its vitality.

Addressing the Global Debt Crisis

The Turkish president revealed that global debt has reached 324% of worldwide GDP, creating particularly severe challenges for low-income countries. He noted that Türkiye maintains a relatively low debt ratio of approximately 89%, providing significant fiscal flexibility for structural reforms and investment programs. "Unfortunately, most low-income economies do not have this advantage," Erdogan stated, describing how these nations face the dual challenge of high financing costs and limited fiscal capacity.

Call for Global Solidarity and Responsibility

Erdogan expressed Türkiye's support for implementing fair and equitable approaches to debt restructuring processes, particularly for the world's most vulnerable economies. He invited all G20 members to embrace greater responsibility in constructing a more inclusive global economic system. The president also noted concerning trends in global development assistance, which decreased to 9% in 2024 and is projected to decline further to 17% in 2025, signaling substantial setbacks for African development.

Türkiye's Humanitarian Foreign Policy

Communications Director Burhanettin Duran, commenting on the president's address, stated that Türkiye operates according to the principle of "not going to bed with a full stomach while our neighbor is hungry." This approach, shared on the Turkish social media platform NSosyal, demonstrates Ankara's commitment to both regional and global solidarity. Duran added that this humanitarian-focused policy strengthens Türkiye's international standing while contributing to sustainable development goals worldwide.