BAKU, Azerbaijan, November 6. The Memorandum on the creation of the Central Banks Council of the member states of the Organization of Turkic States (OTS) could play a key role in strengthening economic ties between these countries, said Tair Nigmanov, a political analyst from Kazakhstan, in an interview with Trend.
"The Memorandum focuses on cooperation through consultations and the exchange of expertise, which could help close the economic development gap with developed nations. Collaboration in areas such as fintech, payment systems, and others allows OTS countries to save resources and more quickly integrate into the global financial system. This knowledge-sharing helps boost the region's resilience in the face of global competition," said Nigmanov.
He noted that cooperation among OTS countries is developing dynamically and productively. While it was once mostly focused on cultural exchanges, it has now evolved to include more pragmatic aspects, such as trade, economics, and politics. The positive momentum in OTS development is clear, which is a key factor in strengthening the organization.
"The summit plays a vital role in maintaining stability and coordinating actions between countries. Such events are necessary to align positions and define future development directions. Some progress was made during the summit, but more concrete steps are expected to implement economic and political initiatives. Regular high-level meetings also foster greater cooperation," the expert remarked.
Nigmanov also highlighted that relations between Kazakhstan and Azerbaijan have significantly strengthened in recent years, with more frequent meetings between their leaders. This has had a positive impact on trade, which has nearly tripled since 2018, reaching $556 million in 2023. Azerbaijan's share in Kazakhstan's trade has also grown, underscoring the importance of their bilateral economic ties.
"Azerbaijan is becoming a strategic partner for diversifying logistics. Kazakhstan continues to develop infrastructure projects within the Middle Corridor framework, which will help diversify export routes for oil and other goods, boosting economic independence and flexibility in international relations," he added.