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12/November/2021   Economic Diplomacy

MIFT: A ministerial meeting of the Cooperation Council of Turkic Speaking States was held in Istanbul

TASHKENT, November 12. /“Dunyo” IA/. A ministerial meeting to identify a common economic vision for the Turkic States was held within the framework of the “Turkey - Turkic States Economy and Trade Conference”, reports “Dunyo” IA correspondent.

According to the MIFT, Deputy Prime Minister - Minister of Investments and Foreign Trade of Uzbekistan S.Umurzakov, Minister of Trade of Turkey M.Mus, Minister of Economy of Azerbaijan M.Jabbarov, Minister of National Economy of Kazakhstan A.Irgaliyev, Minister of Economy and Trade of Kyrgyzstan D.Amangeldiev participated in the event.

During the meeting, representatives of the Governments of Turkic Council member countries exchanged views on priority areas for multilateral cooperation and further steps towards strengthening multidimensional relations among Turkic-speaking countries. The need to develop a strategy for economic cooperation in the short and medium term on the basis of the common vision, reflecting the development of trade, investment, industry, transport links, wide introduction of e-commerce and digital technologies, use of business opportunities and regional cooperation was underlined.

In particular, the importance of creating a strong legal framework to systematically improve the investment climate and attract entrepreneurs to implement promising projects was noted.

The participants of the meeting advocated implementation of joint measures to increase trade turnover among Turkic-speaking countries through the development of intraregional and cross-border trade. Work will also be intensified on the establishment of preferential and free trade regimes between the Turkic Council member countries, improvement of the legal framework, standardisation of customs procedures and removal of existing tariff and non-tariff barriers.

A common position was expressed on the relevance of holding regular business forums, trade missions and joint events for producers and exporters of the Turkic Council member countries in order to intensify business contacts and establish direct links between the business communities.

A mutual willingness was expressed to cooperate in the energy sector, with a focus on the implementation of joint projects aimed at introducing green technologies in various sectors of the economy.

Special attention was paid to measures to increase the transport and transit potential of the region's countries, including through participation in joint projects to expand and modernise transport and logistics infrastructure.

The event resulted in a number of important agreements. In particular, an agreement was reached to work together to create a unified electronic trading platform for direct interaction between entrepreneurs and exporters of the Council's member states in order to develop the intraregional markets. The parties will also develop concrete proposals for the implementation of promising projects aimed at the development of interregional industrial cooperation and the formation of value chains.

It was agreed that the Turkic Council member countries will develop and approve a joint Road Map for developing cooperation in the field of green technologies, and organise the participation of their representatives in the International Green Energy Forum scheduled to take place in Uzbekistan in September 2022.

An agreement was reached on holding a number of joint events, including the first Industrial Cooperation Forum of Turkic-Speaking States, as well as an Annual Young Entrepreneurs Forum with the participation of youth representatives from the Council member states. In this context, the parties also agreed to cooperate on the promotion of youth entrepreneurship and start-ups within the framework of cooperation programmes of IT and technology parks of the Council member states.

Following the meeting, the parties outlined further steps for the practical implementation of the agreed initiatives and defined a format for cooperation in all the areas discussed.

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