Halit Kanak: Trade among OTS doesn't meet its potential

Mutual trade between the member countries of the Organization of Turkic States (OTS) remains below expectations, despite their high economic potential, Halit Kanak, chairman of the Turkic World Federation and the Organization of Solidarity and Mutual Assistance of the Turkic World, said at the Eurasian Franchise Forum in Baku, Report informs.

He noted that the eight independent Turkic-speaking countries that make up the organization cover a territory of over 4 million square kilometers and have a population of approximately 180 million.

"Despite such vast territory and resources, mutual trade remains insufficient. In 2024, trade turnover among the Turkic states amounted to only $53 billion, although it should be at least $400 billion," Kanak noted.

He noted that 10 years ago, this figure was only $10 billion, but after the establishment of the OTS in November 2021, it increased to its current level.

"In 2024 alone, the combined imports of the OTS countries reached $656 billion. Given these import volumes, a mutual trade level of $53 billion is unacceptable. We must not underestimate ourselves; on the contrary, we must strengthen economic cooperation and develop joint production," he added.