ISTANBUL -- Turkish President Recep Tayyip Erdogan said Friday that Turkiye's decision to suspend trade with Israel had one singular purpose, which is to compel the Israeli government into a ceasefire in the Gaza Strip.

He made the remarks during a meeting with the board of directors of the Independent Industrialists and Businessmen Association in Istanbul, according to the presidency's website.

The president also noted that the government will coordinate and consult with the business community to manage the consequences of halting trade with Israel.

Turkiye on Thursday halted all trade activities with Israel due to the latter's "non-stop violence" against Palestinians in the Gaza Strip, according to the Turkish Trade Ministry. Erdogan also remarked that this decision would set a precedent for other countries unsettled by the current situation.