The 13th meeting of the Ministers of Economy and Trade of the Organisation of Turkic States (OTS) and the 15th meeting of the Working Group on Economic Cooperation of the OTS took place today in Bishkek. Within the meeting, each party shared its economic achievements. In particular, according to the Minister of Economy of Kyrgyzstan, the republic's trade turnover with the OTS member countries increased by 62 per cent. Moreover, the meeting participants touched upon some key issues.

PAPERLESS TRADE AGREEMENT

One of the main issues of the meeting focused on the Digital Economy Partnership Agreement (DEPA) between the governments of the OTS member states, which is scheduled to be signed at the 11th OTS Heads of State Summit on 6 November.

‘Our DEPA agreement will become a concrete indicator that we, the OTS countries, give great importance to the digitalisation of trade as the times demand,’ Turkish Trade Minister Omer Bolat emphasised.

The Agreement's articles include the paperless trade regulation, the electronic signature effect, electronic invoicing, electronic payments, logistics and fast delivery services. With these regulations, as the Turkish head of the agency underlined, the OTS aims to organise digital trade between the participating countries practically and quickly, making it more transparent.

All participants agreed that the Agreement would contribute to enhancing cooperation. In addition, the need to modernise customs authorities was mentioned, as this would ensure the continuity and velocity of trade, and guarantee security.

TRANSPORTATION ROUTES

The meeting also discussed the importance of international transportation corridors for the Turkic Union countries' cooperation. Particular attention was paid to Azerbaijan's transport and logistics projects, including the Baku International Sea Trade Port, the Baku-Tbilisi-Kars railway, and the East-West and North-South corridors.

"In today's geopolitical environment, the middle corridor is growing in importance and the cargo volume through Azerbaijan continues to increase. In response, the country is expanding its transportation and logistics capabilities, including increasing the capacity of the Baku port from 15 to 25 million tonnes. Also due to investments, the throughput capacity of the Baku-Tbilisi-Kars railway, a key element of the corridor, has been increased from 1 to 5 million tonnes,’ Deputy Economy Minister Rovnag Abdullayev noted.

He stressed that one of the key projects is the Zangezur corridor, which will accelerate shipments along the Trans-Caspian transport route, which, in turn, will contribute to the OTS countries' economic development.

Besides, the participants considered the China-Kyrgyzstan-Uzbekistan railway project, which also has strategic value for the region and will open new opportunities for logistics between Europe and China.

GREEN ECONOMY

The meeting discussed cooperation in the green economy, which has become an important topic for the Organisation of Turkic States member countries. The participants emphasised the need to introduce new technologies and approaches for sustainable development. Representatives of the countries expressed their desire to work on joint projects aimed at shifting to a green economy, including support for small and medium-sized enterprises. This cooperation will contribute to the collective development of Turkic countries and ensure more efficient utilisation of natural resources.

It was noted that joint efforts in this area will help to improve the investment climate and create new jobs, contributing to economic growth and sustainable development. In particular, Kyrgyzstan proposed to open a representative office of the Turkish Investment Fund in Bishkek to attract investments in sustainable energy projects supported by the recently adopted decree on stimulating green investments. The work plan of the TSU Trade Facilitation Committee for 2024-2025 was also reviewed.