Turkey proposed to establish economic union of Turkic-speaking states

Almaty. 23 December. Silkroadnews – Expansion of cooperation between the Turkic-speaking states needs a creation of economic union, free trade regime and extension of customs privileges, Minister of Economy of Turkey Nihat Zeybekchi said, Trend writes.

The minister added, the current economic relations between the Turkic-speaking countries do not meet their potential.

“The population of the Turkic Council states-members totals up to 115 million people, total national income of these countries reaches $1.2 trillion. With the total volume of foreign trade turnover of the Turkic-speaking states making $600 billion, the mutual trade turnover between the countries amounts to 2% only at present. We should raise this number up to 5-10%. Besides, in terms of mutual trade, except for Turkey and Azerbaijan, with none of the countries we enter the list of top ten trade partners”, N. Zeybekchi said speaking at the sixth meeting of economic ministers of member states of the Cooperation Council of Turkic-speaking states held in Baku.

He also added, the meetings of economic ministers of member states of the Cooperation Council of Turkic-speaking states are aimed at strengthening the political position of the Council and expanding the economic relations of the member states.