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Turkish Ambassador says trade turnover of OTS member countries has potential to increase

2 May 2024 13:26 (UTC+04:00)
Turkish Ambassador says trade turnover of OTS member countries has potential to increase

By Nazrin Abdul, AZERNEWS

The total volume of trade turnover of the countries that are members of the Organisation of Turkic States (OTS/TDT) is worth 42 billion US dollars, and there is potential for increasing this indicator.

According to Azernews, the Turkish Ambassador to Azerbaijan, Cahit Bagchi, said this at the Economic Forum of Turkish States held in Baku today.

The ambassador emphasised that this organisation contributes to the development of economic and trade relations between member countries.

According to him, yesterday, Azerbaijan, Kazakhstan, and Uzbekistan signed a Memorandum of Cooperation on the integration of energy systems: "Their cooperation once again showed that the region has a valuable and strategic importance."

C. Bagchi added that the Turkish defence industry has developed a lot: "In this direction, we produce products based on high technologies. This advantage can strengthen cooperation between the Organisation of Turkic States.

The ambassador believes that this forum promotes economic relations between the countries that are members of the organisation.

"In addition, we should expand investments."

It should be noted that the Organisation of Turkic States is an international intergovernmental organisation that promotes comprehensive cooperation between Turkic-speaking countries. The organisation was established on November 1, 2012, based on the Nakhchivan Agreement signed by the heads of state of Turkic-speaking countries at the Summit Meeting held in Nakhchivan on October 3, 2009. When the organisation was created, its name was Cooperation Council of Turkic Speaking States (CCTS). In 2021, the name of the organisation was changed, and it continues to operate under the name "Organisation of Turkish States".

The Republic of Azerbaijan is one of the 4 founding countries of the organisation, and currently the organisation has 5 member states: Azerbaijan, Kazakhstan, Kyrgyzstan, Uzbekistan, and Turkiye. Hungary, Turkmenistan, and the Turkish Republic of Northern Cyprus have observer status in the organisation. The headquarters of the organisation is located in Istanbul, Turkiye.

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