ISTANBUL

The Europe and Asia summit of the World Chambers Federation kicked off in Istanbul on Tuesday. 

Over 800 businesspeople from 62 countries are attending the two-day event, which brings together sector professionals, officials, experts, and representatives from the private sector and institutions.

Rifat Hisarciklioglu, the head of Türkiye's Union of Chambers and Commodity Exchanges, said at the event, "We believe that the World Trade Organization (WTO) needs to be reformed so that global trade can remain fair and competitive."

The rise of protectionism endangers global trade and businesses, particularly small and medium-sized enterprises (SMEs), he noted.

He said 75% of global trade is governed by WTO rules, which provide stability and predictability. "To meet the challenges of the 21st century, we must work together to preserve and improve these rules. The business world must actively support these changes," he stressed.