Speaking at the Developing-8 (D-8) Organization for Economic Cooperation Summit in Istanbul, Erdogan said that switching to national currencies will revolutionize trade relations, Daily Sabah reported.
"There is no reason why we should allow our economies to melt under the pressure of exchange rates" Erdogan said.
The president urged D-8 countries to boost participation in meetings, embrace its values and work to boost its productivity and strength.
"It is unacceptable for the D-8 to stay the same since we live in a world in which everything constantly changes" the president said, adding that the organization needs to be strengthened through the addition of new members.
The D-8 summit entitled "Expanding Opportunities through Cooperation," is held in Istanbul this year and is attended by various world leaders, including Nigerian President Muhammadu Buhari, Azerbaijani leader Ilham Aliyev, Pakistani Prime Minister Shahid Khaqan Abbasi, Iran's first vice president Eshaq Jahangiri and the vice president of Indonesia Jusuf Kalla.
The organization was formed in 1997 after then-Turkish Prime Minister Necmettin Erbakan's proposal to create an economic group with eight emerging economies of the Muslim world.