Erdogan Introduces New National Brand for Export Products
12:06 GMT 04.12.2021 (Updated: 18:40 GMT 19.10.2022)
© AP Photo / Lefteris Pitarakis Turkish flag flies at the refugee camp for Syrian refugees in Islahiye, Gaziantep province, southeastern Turkey,Wednesday, March 16, 2016.
© AP Photo / Lefteris Pitarakis
ANKARA (Sputnik) - All Turkish-made goods to be exported will be labelled with a new "Turkiye" brand, meaning Turkey, to boost recognition of the country abroad, the official Resmi Gazette reported on Saturday, publishing the presidential decree.
The decision comes as "the next complex step reflecting the rich culture and heritage of the country" and is aimed at confirming the good faith of Turkish exporters, according to the decree, signed by President Recep Tayyip Erdogan.
Turkey will export products branded with "Made in Turkiye" instead of "Made in Turkey" from now on, and the word "Turkiye" will also be used in correspondence with foreign countries and organisations.
© REUTERS / BERNADETT SZABOTurkish President Recep Tayyip Erdogan attends a news conference with Hungarian Prime Minister Viktor Orban (not pictured) in Budapest, Hungary November 7, 2019. REUTERS/Bernadett Szabo/File Photo
Turkish President Recep Tayyip Erdogan attends a news conference with Hungarian Prime Minister Viktor Orban (not pictured) in Budapest, Hungary November 7, 2019. REUTERS/Bernadett Szabo/File Photo
A boost in exports is seen as critical to steady Turkey's faltering economy and bring in much-needed US dollars. The Turkish lira has been losing value for months, and on November 23, it hit its lowest of 13.2 against 1 US dollar. Since August, Erdogan has decreased the interest rate four times, the latest of which triggered the recent record fall.
On 26 November, the national statistics service said that the monthly inflation totalled a three-year high of 21.3% year-on-year. The financial crisis prompted protests in large cities and calls for the government to step down.