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Nazrin Abdul

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Baku became the epicenter of Turkic economic collaboration on June 10 as the Second Trade and Investment Cooperation Forum and Exhibition opened at the Expo Center, accelerating regional integration efforts. With high-level participation from 11 countries and attendees from over 20 nations, the event underscores the growing geopolitical and economic weight of the Turkic world.

The Second Turkic States Trade and Investment Cooperation Forum's opening at Baku Expo Center today marks more than another diplomatic gathering—it represents a strategic pivot point for 180 million people across the Turkic world. As Western protectionism grows and global supply chains reconfigure, this forum answers a pressing question: Why does Turkic trade integration matter now more than ever?

A platform for economic synergy - Organized by Azerbaijan’s Center for Analysis of Economic Reforms and Communication (CAERC), the Small and Medium Business Development Agency (SMBDA), KOBSKA, and Türkiye’s ROK Expo, the forum builds on the success of its 2024 Istanbul debut. This year’s gathering brings together key players from Azerbaijan, Kazakhstan, Kyrgyzstan, Turkiye, Uzbekistan, Hungary, Turkmenistan, and the Turkish Republic of Northern Cyprus, fostering collaboration in trade, investment, technology, and industrial innovation.

Over 20 sectors are represented at the exhibition, with businesses showcasing cutting-edge products while policymakers and investors explore new avenues for cross-border partnerships. The forum’s government-backed status highlights its strategic role in enhancing regional trade networks and expanding access to global markets.

The rising economic power of the Turkic World - Vusal Gasimli, Executive Director of CAERC, delivered a compelling keynote, positioning the Turkic states as an emerging economic force. Key takeaways from his address:

- $2.1 trillion GDP: The Turkic world—spanning 1% of the planet’s territory and 2.8% of its population—boasts a collective GDP exceeding $2.1 trillion, rivaling the world’s top 10 economies if unified.

- Trade prowess: Despite contributing 1.8% to global GDP, Turkic states account for 3.5% of world trade, a testament to their commercial dynamism.
- Industrial & agricultural strength: With $540 billion in industrial output and $140 billion in agricultural production, the region is a vital supplier of goods and commodities.
- Financial growth: Banking assets in Turkic states neared $1.4 trillion in 2024, while capital markets show strong potential for future expansion.

However, challenges remain. Gasimli noted a collective budget deficit of $440 billion in 2024, underscoring the need for fiscal discipline and smarter investment strategies.

Gasimli emphasized the Turkic world’s strategic role in global connectivity projects, including: The EU’s "Global Gateway" ; China’s "Belt and Road" Initiative ;The Trans-Caspian Middle Corridor.

With $440 billion in total investments in 2024 (over $290 billion in Turkiye alone), Turkic states are proving their appeal to international capital. Yet, maximizing these opportunities will require stronger policy coordination and reduced trade barriers.

Samir Hummetov, Deputy Chairman of SMBDA, highlighted the untapped potential in regional trade, noting that 2024’s $45 billion intra-Turkic trade turnover could be significantly expanded.

- SMEs as growth engines: Small and medium enterprises (SMEs) are a focal point, with their products prominently featured at the exhibition.

- Beyond exhibitions: The forum facilitates high-level conferences, B2B meetings, and policy dialogues, serving as a catalyst for long-term partnerships.

The Baku forum is more than a trade show—it’s a strategic milestone in Turkic economic integration. With rising trade volumes, expanding financial sectors, and major infrastructure projects, the Turkic world is positioning itself as a key player in Eurasia’s economic future.

Yet, to fully capitalize on this momentum, member states must: Enhance fiscal stability to address budget deficits; Streamline cross-border trade policies to boost SME growth; Leverage infrastructure projects to strengthen regional supply chains.

Moreover, the Turkic world is no longer just a cultural bloc—it’s an economic powerhouse in the making. With strategic investments, trade-friendly policies, and stronger financial systems, these nations are carving out a new axis of influence between Europe and Asia. The Baku forum is a critical step in that journey.