Association head: OTS states must strengthen unity to unlock $400B trade

Trade between Organisation of Turkic States (OTS) members hit $53 billion in 2024, up from $10 billion a decade ago, but still far below its potential, said Halit Kanak, head of the Association of Solidarity and Assistance to the Turkic World.

Speaking at the Eurasian Franchising Forum in Baku, Kanak has called for greater economic integration among Turkic states to boost intra-regional trade, Caliber.Az reports, citing local media.

“As independent Turkic states, we believe that trade within our community — encompassing 180 million citizens across OTS countries, as well as 350 million people in regions including Russia, China, Afghanistan, Pakistan, Iran, the Balkans, the Middle East, Eastern Europe, North Africa, and South and Southeast Asia — should reach at least $400 billion. We are confident this is achievable,” Kanak said.

He noted that in 2024, total imports from abroad for OTS countries amounted to $656 billion, with internal trade between Turkic states accounting for just $53 billion.

For example, imports last year included: Azerbaijan – $21 billion, Uzbekistan – $56 billion, Kazakhstan – $60 billion, Kyrgyzstan – $12 billion, Türkiye – $344 billion, Turkmenistan – $4 billion, Hungary – $15.2 billion, and the Turkish Republic of Northern Cyprus – $2.8 billion.

“To increase the volume of intra-regional trade, we must strengthen social, political, cultural, and especially economic unity,” Kanak emphasised.

“It is essential to promote a culture of buying from each other, expand industrialisation, production, and trade to achieve economic cohesion.”

By Aghakazim Guliyev