Vusal Gasimli: Turkic states provide 3.5% of world trade

Turkic states provide 3.5% of world trade, Vusal Gasimli, Executive Director of the Center for Analysis of Economic Reforms and Communication of Azerbaijan, said at the 2nd Turkic States Trade and Investment Cooperation Forum held in Baku, according to Report.

"While our share in the world economy is 1.8%, our share in trade is twice as high. This shows that Turks are good at trade," Gasimli noted.

According to him, the annual value of the gross domestic product of the Turkic world, which accounts for approximately 1% of the planet's territory and 2.8% of its population, exceeds $2.1 trillion: "If we consider the Turkic world as a single state, this geography would be considered one of the world's ten largest economies. The industrial potential of the Turkic world is $540 billion, and the agricultural potential is $140 billion. The banking sector and the financial sector in general are also developing rapidly. In 2024, the total amount of banking assets in the Turkic world approached $1.4 trillion. This is a fairly serious indicator, and the development of capital markets also creates great opportunities for the future."

Gasimli added that the integration and development process in the Turkic world continues rapidly: "The Global Gateway presented by the European Union, China's Belt and Road initiative, and the Trans-Caspian Middle Corridor projects are built on the geography of the Turkic world. In 2024, investments in Turkic amounted to nearly $440 billion, of which more than $290 billion fell to Türkiye. Turks are also successfully implementing investments."

At the same time, according to him, last year the total deficit of state budgets in the Turkic world reached $440 billion.