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‘Made in Turan’: Turkic nations target 20% bilateral trade growth, broader partnerships

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May 7, 2024

Turkic states take another significant step toward building new bridges after 200 years of separation as seven Turkic states convene in Azerbaijan for the Turkic States Economic Forum

Following two centuries of separation, the Turkic world has made significant strides in constructing new bridges. The Turkic States Economic Forum in Azerbaijan brought together seven Turkic states, laying the groundwork for collaborative production and trade. Amid the stakeholders, Ceyhun Ashiro, an Azerbaijani businessman, advocated for implementing a “Made in Turan” stamp for the 21st century, stressing the importance of expanding the established connections into the economic realm.

The forum witnessed the participation of 700 delegates, including representatives from Türkiye, Kazakhstan, Azerbaijan, Kyrgyzstan, Turkmenistan, Uzbekistan, and the Turkish Republic of Northern Cyprus. Ashiro underscored that the Turkic world utilizes only 3.5% of its $1.3 trillion trade volume. He emphasized the need to transform these connections into economic benefits promoted under the slogan “Made in Turan.”

President of the Association of Small- and Medium-Sized Enterprises (KOBSKA) in Azerbaijan Nigar Aleskorava remarked on the two centuries-long historical divisions in the Turkic world. The speaker emphasized the worldwide pursuit of novel energy pathways, trade routes, and partnerships, emphasizing the forum’s function in promoting vital cooperation. Aleskorava propelled the notion of reciprocal economic capacity among kinship-oriented communities and declared intentions to convene yearly assemblies in various Turkic metropolises.

Ashirov characterized the occasion as a turning point. He drew attention to the Turkic nations’ $4.7 trillion collective purchasing power, contrasting it with the modest bilateral trade of 4% at present. He assured that Türkiye’s strong position in economic collaboration, joint trade, and production could quickly increase this proportion to 20%. He also envisioned achieving even greater accomplishments and forming broader partnerships beyond the current Turkic communities involved.

Ashirov’s urgent need to convert political, security, and diplomatic relations into tangible economic benefits proposes that achievement in this domain could propel the Turkic states into the top four economies globally. The speaker utilized the trade volume between Türkiye and Azerbaijan, currently estimated at $7.6 billion and projected to surge to $15 billion soon, to illustrate the potential for cooperation and expansion under Türkiye’s leadership.

 

Source: Newsroom

Last Updated:  May 31, 2024 6:16 PM