ANTALYA, Türkiye, April 12. Despite a combined trade turnover of $1.1 trillion among Turkic states, only 7 percent ($58 billion) of this is intra-regional trade, with plans to increase this share to 10 percent in the near future, said Kubanychbek Omuraliev, Secretary General of the Organization of Turkic States, during the 4th Antalya Diplomacy Forum, Trend reports.
Omuraliev highlighted that a key initiative to bolster this goal is the Turkic Investment Fund, which became operational this year.
“This joint financial institution aims to support strategic infrastructure, small and medium-sized enterprises (SMEs), and innovation projects across the region. Alongside this, the Turkic Chamber of Commerce and Industry has been established to deepen business ties, and the Trade Facility Committee has been streamlined to eliminate trade barriers,” he said.
Furthermore, in November 2024, during the Bishkek Summit, member states will sign the Digital Economy Partnership Agreement to foster digital trade and technological collaboration. Another critical move includes the Framework Agreement on Free Trade in Services and Investment, along with a new mechanism among the central banks of Turkic nations to encourage trade in national currencies, reducing dependency on third-party currencies and enhancing regional resilience.
“The region is also focused on improving connectivity through the Middle Corridor, a strategic trade route linking Asia and Europe. This corridor is increasingly seen as the shortest and most efficient route for trade between the two continents,” Omuraliev added.
As the region continues to grow and evolve, the focus is firmly on fostering intra-regional collaboration to unlock its full potential and create lasting prosperity.