Baku conference highlights $1.1 trillion trade potential across Turkic states

The member states of the Organisation of Turkic States (OTS) have a combined trade turnover of $1.1 trillion, Vusal Gasimli, Executive Director of Azerbaijan’s Centre for Analysis of Economic Reforms and Communication, said at an international conference in Baku.

Speaking at the Second International Conference of Leading National Analytical Centres of the OTS, Gasimli said the organization’s member states collectively cover 4.8 million square kilometres, an area larger than that of the European Union.

Their combined gross domestic product exceeds $2.1 trillion, equivalent to about 2% of global GDP, while their total population stands at 178.8 million, or 2.8% of the world’s population, he said.

Gasimli also presented an analysis of the main factors influencing trade among OTS countries. According to the assessment, a 1% increase in GDP has a positive effect of 0.42% on trade in the importing country and 0.46% on trade in the exporting country.

The analysis found a positive relationship between population size and trade, while greater geographical distance has a negative effect on trade flows.

At the same time, shared borders were found to have a positive impact on trade within the Turkic world. Countries sharing a border recorded trade indicators 1.55% higher than those of countries without a shared border, Gasimli said.

The conference was jointly organized by the Center for Analysis of Economic Reforms and Communication and the OTS Secretariat under the theme “Strengthening economic cooperation within the Organization of Turkic States through continuous consultations and joint research.”

The event is focused on deepening economic integration among Turkic states, creating joint research platforms and strengthening institutional cooperation against the backdrop of global economic transformations.

Government representatives, heads of leading think tanks, academics, international organizations, financial institutions and business representatives are taking part in the conference.

The program features three panel sessions examining the role of the Middle Corridor in accelerating regional integration and infrastructure-led development, trade and economic relations among OTS member states, and innovation as a driver of sustainable development.

More than 30 think tanks, as well as prominent scholars and international experts from nearly 10 countries, are expected to participate in the panel discussions.

By Tamilla Hasanova