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Please summarize and analyze this article in 1 or 2 paragraphs of 300 words
EN TO ATUR Finance minister: Turkeys economic diplomacy to be further strengthened in 2019
Besides firmly sticking to its monetary and fiscal discipline in the domestic market, Turkey will be strengthening its economic diplomacy in 2019, with Europe being its top priority, Treasury and Finance Minister Berat Albayraik said his year all the damage caused by the speculative fluctuations in August and September of 2018 were eliminated and the rebalancing will make itself strongly apparent with all its components, according to Treasury and Finance Minister Berat Albayrak (L). Speaking yesterday at an event in Antalya attended by business world representatives, Albayrak said 2019 will be a year in which economic diplomacy will be further strengthened. It will be a periot in which we will further strengthen our industrial and trade cooperation to achieve our export targets, increase the market and product variety, reduce dependence on imported intermediate products and further increase the production of high-value- added products, Albayrak said. He emphasized that trade volumes with countries like China and South Korea are not propitious for Turkey. We say we are looking for win-win, but there is a picture against Turkey in trade with China or South Korea. Then this picture is not going to work like this... Either we will win together or we will take other steps. Turkey should put forward a win-win trade cooperation in relation to exports and value added, Albayrak said.
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Albayrak said he hopes the country will, with a much stronger reflex, end 2019 at a better point with the inflation being below the targets set for 2019 by making much stronger steps. Consumer prices in Turkey preserved a downward momentum in December and fell to 20.3 percent, recording a o.4 percent decrease from 21.62 percent in November, according to data by the Turkish Statistical Institute (TurkStat). Inflation dropped for the second month in a row, in line with the expectations of the government and the markets. Albayrak emphasized that the target for consumer prices was achieved with the said figures. As noted in Turkeys New Economic Program (NEP) announced on Sept. 20 by Albayrak, the countrys inflation rate target for 2018 was 20.8 percent. The target for 2019 is 15.9 percent, 9.8 percent for 2020 and 6 percent for 2021. Meanwhile, inflation surged to 25.24 percent in October GOVT INITIATES TALKS TO ISSUE SAMURAI BILLS The minister emphasized they will continue to follow the market closely and will continue to take the necessary steps.
We will continue to make necessary steps. We will continue to protect our tight monetary policy. We will continue to take necessary steps in the fiscal area to combat inflation. We are continuing the excise duty [ÖTV] and value-added tax [VAT] discounts we initiated to contribute t employment, to stimulate markets and to strengthen the fight against inflation, Albayrak stressed. All these positive developments show that we still have a serious area to go at the cost point. This is why we made our call for the continuation of the fight against inflation for three more months, to maintain solidarity ånd to make this consciousness permanent. The all-out fight against inflation initiative that Minister Albayrak announced in October facilitated the reduction of inflation with the expansive support of the public and private sector. The number of corporations and institutions that participated in the program by reducing their prices has exceeded 25,o00 by the latest numbers. Albayrak said in mid-October the Turkish economy will see inflation levels drop in the last quarter of the year as a result of the governments expansive efforts to mitigate inflation and economic rebalancing.
Furthermore, in addition to mitigating the inflationary pressures, the Treasury and Finance Ministry also announced tax reductions in the sales of properties, furniture, automotive and home appliances at the end of the October. The treasury and finance minister yesterday noted that bond interest, which was at the level of 27, felldown to 18-20 in January, pointing to the determination to bring this figure further down to single digits. The government will increase the variety of borrowing instruments, Albayrak said. We have started negotiations for the issuance of Samurai bills in Japanese Yen. Also, he said they put the growth expectation below potential growth for the next few years for healthy, sustainable and balanced growth. He noted that their first goal is to eliminate any fragilities in the economy.
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