Tashkent, Uzbekistan (UzDaily.com) — On 27 September, an International Round Table was held in Tashkent to discuss the book "The Economy of Turkic States," prepared by the Center for Economic Reforms and Communications of the Republic of Azerbaijan (CAERC) in collaboration with the Secretariat of the Turkic States Organization (TSO).

The book is a comprehensive study featuring in-depth analyses of the economic situation in the region from over 35 leading scholars across seven Turkic states. Participants of the round table were presented with an overview of economic trends and detailed analyses of specific indicators over the past decade for each country.

The purpose of the round table was to discuss key aspects of economic cooperation between Turkic states, analyze the economic situation in the region over the past decade, create a platform for exchanging opinions among experts and analytical centers, and establish institutional foundations for economic cooperation through the lens of the "Vision of the Turkic World 2040."

In his opening address to the participants, Dr. Obid Hakimov, Director of the Center for Economic Research and Reforms, noted that this book represents a significant contribution to the academic community by providing an analysis that will help researchers, policymakers, and entrepreneurs understand the dynamics of economic processes within the Turkic space.

He also added that as part of the initiatives of the Presidents of the Republic of Uzbekistan, Shavkat Mirziyoyev, and the Republic of Azerbaijan, Ilham Aliyev, a delegation from the Center for Economic Research and Reforms visited Azerbaijan this month to explore the untapped potential to increase mutual trade between the two countries to US$1 billion by studying the activities of 20 ministries and agencies.

"Our think tanks are actively working to create more effective cooperation mechanisms, including in the fields of transport and energy," emphasized Dr. Hakimov.

Following this, Prof. Dr. Vusal Gasimly, Executive Director of CAERC, addressed the participants, calling the book "The Economy of Turkic States" a roadmap for economic cooperation and development among TSO members. He stressed that this publication is of immense importance for shaping the future of our region and beyond.

"It is our duty to establish a path that includes economic integration and sustainable growth in a rapidly changing economic environment. The book reveals the mechanics of foreign direct investments, trade flows, and the potential effects of major economic corridors in the TSO region," he added.

Vusala Jafarova, Director of the Turkic World Analysis Center at CAERC, presented key methodologies to the participants, such as the "Gravity Model" and "Graph Theory," along with the impact of the Zangezur corridor on multilateral trade. Participants learned about the institutional foundations of economic cooperation through the prism of the "Vision of the Turkic World 2040."

During the presentation, the following key findings were highlighted:

- The positive impact of GDP as both an importer and exporter on trade confirms the economic interdependence between TSO countries, emphasizing the importance of economic growth for deepening trade relations;

- Population growth creates additional consumer markets, which can contribute to an increase in trade volumes;

- The existence of a common border as a factor increasing trade volume underscores the importance of geographical proximity and cultural similarities, creating opportunities for closer cooperation and integration.

Overall, the findings of the CAERC research underscore the importance of a strategic approach to developing trade and economic ties among Turkic states.

According to the Center for Economic Research and Reforms, the economic potential of TSO countries is quite significant. In 2023, the total nominal GDP of member and observer countries accounted for 1.7% of the global GDP (about US$1.79 trillion), while in terms of purchasing power parity (PPP), it represented 3.1% of the global GDP (around US$5.7 trillion). The total foreign trade turnover of TSO member countries in 2023 exceeded US$1.2 trillion.

As of the end of 2023, the external trade turnover of the Republic of Uzbekistan with TSO countries amounted to US$10 billion, of which exports were US$3.6 billion and imports US$6.4 billion, reflecting a growth of 4.6%.

TSO countries accounted for 16% of the total external trade turnover of the Republic of Uzbekistan. This confirms that the economies of TSO countries are largely complementary, and expanding commodity exchange and industrial cooperation will facilitate the accelerated development of our economies.

The event emphasized the need for more active utilization of identified opportunities to create a more integrated and mutually beneficial economic space.

The round table served as a platform for exchanging views and discussing ideas presented in the book, as well as for establishing contacts among leading experts and analytical centers in the region.

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