Vusal Gasimli: Trade turnover between OTS members reaches $1.1 trillion

The total trade turnover of the member states of the Organization of Turkic States (OTS) stands at $1.1 trillion, Vusal Gasimli, Executive Director of the Center for Analysis of Economic Reforms and Communication, said at the Second International Conference of Leading National Analytical Centers of the OTS in Baku.

According to Report, Gasimli said the organization's member states cover a combined area of 4.8 million square kilometers, exceeding the territory of the European Union.

Their combined GDP exceeds $2.1 trillion, accounting for 2% of global GDP. The population of the OTS countries stands at 178.8 million, representing 2.8% of the world's population, he said.

Gasimli noted that assessments had been conducted on key factors affecting trade. According to the analysis, a 1% increase in GDP has a positive impact of 0.42% on trade in the importing country and 0.46% on trade in the exporting country.

The analysis also indicates a positive correlation between population size and trade, while greater distance has a negative effect. At the same time, shared borders have a positive impact on trade within the Turkic world, with countries sharing borders recording trade indicators 1.55% higher than others, Gasimli said.

The conference was jointly organized by the Center for Analysis of Economic Reforms and Communication and the OTS Secretariat.

Held under the theme "Strengthening economic cooperation within the Organization of Turkic States through continuous consultations and joint research," the conference focuses on deepening integration among Turkic states, establishing joint research platforms and strengthening institutional cooperation amid global economic transformations.

The event brings together government representatives, heads of leading think tanks, academics, international organizations, financial institutions and business representatives.

The conference program includes three panel sessions covering the role of the Middle Corridor in accelerating regional integration and infrastructure-based development, trade and economic relations among OTS member states, and innovation for sustainable development.

More than 30 think tanks, along with prominent scholars and international experts from nearly 10 countries, are expected to participate in the panel discussions.