TURKPA: Volume of foreign trade of Turkic states reach $1.2T

The total volume of foreign trade of the Turkic states has reached $1.2 trillion per year, while mutual trade among them is estimated at approximately $57 billion, the chairman of the commission on economic cooperation of the Parliamentary Assembly of Turkic States (TURKPA), member of the Mazhilis of the Parliament of Kazakhstan Anas Bakkozhaev at the 13th session of the commission in the Milli Majlis of Azerbaijan.

According to him, the combined gross domestic product (GDP) of the Turkic states amounts to approximately $2.1 trillion per year, and their share in the global economy reaches about 2%.

"The Turkic states possess significant potential for increasing exports both to each other and to the markets of Asia and Europe. Mutually beneficial economic cooperation, increasing internal trade, economic diversification, and the development of small and medium-sized businesses should contribute to strengthening cooperation," he noted.

Bakkozhaev emphasized that concrete steps are already being taken to this end, including the formation of a solid legal framework for economic interaction, strengthening ties between key institutions, as well as the creation of specialized mechanisms.

"We are talking about such initiatives as the Turkic Investment Fund, the Turkic Chamber of Commerce and Industry, the trade facilitation committee, as well as the implementation of specific projects - including the digital economic partnership agreement, the creation of the special economic zone 'Turan,' a working group on green finance, and the Turkic Patent Platform," he added.