As G20 President, Turkey has an unparalleled opportunity

2015 will be a big year for the United Kingdom in Turkey. Our countries will stand together in Canakkale in April to mark the sacrifice our troops made when we were enemies on the battlefield one hundred years ago. As Allies today, our troops have served alongside each other in NATO missions around the world. We are working together to tackle the major international crises of today. But perhaps our most significant joint endeavour next year will be on the global economy.

From 1 December 2014, Turkey  will assume the Presidency of the Group of Twenty (G20) – a key global organisation dedicated to generating greater international prosperity. Our Prime Ministers was in Brisbane over the weekend for the annual G20 Summit. World leaders from the most significant economic powers will be joining them.  G20 members collectively account for 85% of global GDP, over 75% of world trade and two thirds of the world population.  The G20 Leaders’ Summit was born out of the global financial crisis, bringing advanced and emerging economies together for the first time to promote sustainable global growth.

As G20 President, Turkey has an unparalleled opportunity to lead the world on issues like growth, development, jobs, financial stability and energy. The United Kingdom is dedicated to working alongside Turkey to deliver a successful Presidency.

As President in 2009, the United Kingdom led the G20 at a time of unprecedented economic instability. The London Summit took place at the peak of the financial crisis in April 2009. To deal with the consequences of a near death experience for the world’s financial system, we established a Financial Stability Board and a $1.1 trillion programme to restore confidence in the global economy.

Turkey’s performance during the global crisis was astonishing. The economy weathered the storm and has emerged strongly, recording some of the world’s most impressive growth rates between 2009-13. After a difficult period, the United Kingdom has also bounced back: we may record the best growth rates in the G7 this year. Yildiz Holding’s $2bn purchase of one of our biggest food brands, United Biscuits, last week is a huge vote of confidence in the UK’s recovery.

So what will the UK be doing to support Turkey’s G20 goals?  Apart from consultations between our Governments and companies, the British Embassy is supporting two G20 projects through our Prosperity Fund [add link to webpage].  The first, a collaboration between two prestigious think tanks, Chatham House and TEPAV (Economic Policy Research Foundation of Turkey) will look at how we can improve G20 policy coordination and governance.  We’ll be using a public event, following the launch of Turkey’s G20 presidency in December,  to present the project’s results.

Our second project is in collaboration with the Turkish Industry and Business Association (TUSIAD). TUSIAD will conduct a global study, in partnership with Ernst & Young. The aim will be to present a set of recommendations on global growth to G20’s business engagement group (known as the ‘B20’). TUSIAD will host an event later this month to share their findings with the Turkish public.

We’re also working very closely with the Turkish Foreign Ministry. One member of my team was able to hone her Turkish language skills and understanding of Turkey’s approach to the global economy via a work placement in the Foreign Ministry. I’m delighted that another British secondee will be embedded in the Foreign Ministry for the duration of Turkey’s G20 Presidency.

Good luck Turkey, and we look forward to working with you in 2015!