The Organization of Turkic States: Growing Economy

13.09.2023

Even though there are 19 areas of cooperation in which the Organization of Turkic States (TDT) is currently active, there is cooperation between the members, particularly in the economy and directly related to the economy. These 19 areas of cooperation include various fields, especially in areas such as political, economic, customs, transportation, and education. When the policy implementation areas of the full and observer members of the organization are examined, chiefly economic relations come to the fore. Even Hungary, which at first glance appears to be in a different position than the member countries due to its observer status and lack of cognate relations, seems to be active in economic cooperation. It is hardly unexpected that TDT members give economic cooperation more priority given the neoliberal system in place today. In addition, it is known that strong economic unions bring together strong political unions. Therefore, it is a priority for a young organization like TDT to develop economically and ensure cooperation in order to it can take a more significant role in the international community. TDT is not an organization like the EU that applies certain laws and regulations on its members. TDT is an organization that cares about cooperation and gradually increases its area of influence but does not interfere with the sovereignty of its members while doing this. Economic cooperation of TDT members and reaching the targeted economic size of TDT will be a pioneer in the development of other areas of cooperation. TDT will thereafter have a larger hand in the global arena thanks to this strategy.

The current TDT members, Azerbaijan, Kyrgyzstan, Turkmenistan, Kazakhstan, and Uzbekistan, earned their independence following the fall of the USSR in 1991. The Turkic States had a tough time adjusting to this New World since it was distinct from the socialist order. However, as Turkey does not hesitate to support and share its experiences, the Turkic States have overcome many of these problems and display a stance that continues to progress. According to the United Nations’ 2020 data, Turkey has 720,098 million dollars, Kazakhstan has 171,082 million dollars, Hungary has 155,808 million dollars, Uzbekistan has 57,707 million dollars, Turkmenistan has 42,845 million dollars, Azerbaijan has 42,607 million dollars, TRNC has 24,612 million dollars, and Kyrgyzstan has 7,736 million dollars Nominal GDP. While Turkey is a part of the G20 group, which includes the world’s 20 largest economies, the economies of other TDT members are expected to grow in the coming years by the IMF. Thus, it is possible to say that the economic growth momentum, which seems to be shifting from the West to the East in recent years, is also valid for TDT, which is a regional initiative.

Free trade is of great importance in the relations of TDT and its members. Within TDT, Turkey stands out with its production capacity, manufacturing industry infrastructure, and competitive power. Other Turkic states are also open to economic development, especially with their energy resources and export positions. The resource and production powers of TDT members, who also have identity bonds, make them highly compatible partners at the same time. Economic interactions also reflect this state of affairs.

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