Union of Chambers and Commodity Exchanges of Turkey

During his speech at the New Turkish Trade Law Introduction and Information Meeting held by TOBB, Customs and Commerce Ministry and TÜRMOB at the Malatya Congress and Culture Center, TOBB President M. Rifat Hisarcıklıoğlu spoke on the matter of the new Turkish Trade Law and that the previous iteration of the law was formulated in 1950.

Hisarcıklıoğlu said, “Thankfully, our government has given us a new Turkish Trade law now. Is it revolutionary? It is. It will bring many conveniences for us. As the President of TOBB, I’m one of your brothers that contributed greatly to the passing of this law. It is made up of 1535 clauses. If it were to be discussed at the average speed of the National Assembly, it would take 1.5 years to have it pass. As the Turkish business world we said that we had just one request from the politicians; not money or alms. Level our field with our competitors. We know how to win that match, we can do it.”

Hisarcıklıoğlu stated that the new Turkish Trade Law was passed in 3.5 days, “There is grace and prosperity in unity; anguish in dissent. We see what prosperity and grace are when we come together.”

- Some changes to the new Turkish Trade Law are needed

Stating that they want some of the clauses of the new TTK to be changed, Hisarcıklıoğlu said, “During our visit to the Minister of Justice, we stated that, ‘We have some reservations regarding certain clauses’ and asked that these be amended. We were told that they would be amended during the plenary session. Unfortunately this was the last law passed before the elections, right before the National Assembly went on break. We are holding meetings to discuss and inform the politicians of these clauses in the new TTK. However, businessmen are not attending these meetings. No one besides financial consultants attend them. But this law concerns businessmen the most.”

Stating that the new law is very important, Hisarcıklıoğlu stated that it must be read carefully and wholly understood by those executing it, “We want this revolutionary law to pass. I will tip you in on a few clauses. Do you know why the prison sentence for check related transgressions was removed? Because there should be financial punishment for financial crimes. If this is the case then why are there prison sentences in the TTK? These should also be converted into fines. We also completely support transparency; however the number of publicly traded companies in Turkey is 350. We can all buy and sell equities, does the public need to know all of this? Yes, it does. But why does a company need to be open to the public. Everyone would know how much money I have. Everything up to my bedroom is in risk. The people who wrote these need to pay attention.”

- Structural change is a must if we are to become one of the top 10 economies

TOBB President Rifat Hisarcıklıoğlu stated that Turkey plans to become one of the top 10 economies in the world in 2023 and that structural change is required for this.

Stating that he believes when the structural changes go into effect, Turkey will become one of the top 10 economies of the world in 2023, Hisarcıklıoğlu said, “This means we will all be richer. Today per capita income in Turkey is 10,000 Dollars; in 2023 it will be 25,000.”

- Customs and Commerce Minister Yazıcı

Customs and Commerce Minister Hayati Yazıcı stated that, observing economic trends, Turkey is a internationally exemplary country growing in all fields.

Stating that the new TTK is comprised of 1,535 clauses and was accepted unanimously by all political parties, Yazıcı stated that the commission was aided by all parts of the public.

Reporting that the independent inspection clause for companies has received criticism, Yazıcı said that it is vital for strong capital for companies to be independently inspected. Yazıcı stated that they plan to make Turkey the easiest and most secure country to conduct business in.
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