Until now, Turkic Council convened ten meetings of the Ministers in charge of Economy and twelve meetings of the Working Group with the participation of the experts of the relevant institutions of the Member States.
Close cooperation in this field resulted in the signing of 4 Memoranda of Understanding: “Memorandum of Understanding among the Turkic Council Member States for Exploring the Possibilities Regarding Experience Sharing on Investment Climate”; “Memorandum of Understanding amongst the Member Countries of the Turkic Council on Cooperation in the Field of Investment Statistics”: “Among Government Bodies for Small and Medium Sized Enterprises of the Turkic Council Member States”; “Memorandum of Understanding on Information and Experience Sharing among Various Types of Economic Zones by the Ministers”.
10th Meeting of the Ministers of Economy/Trade of the Member States and the 12th Working Group meeting on economic cooperation were organized in October 2021 in Baku, Azerbaijan. During the meeting, the Ministers held discussions on the agenda items, including “Feasibility Study” and “Agreement Establishing of the Turkic Investment Fund; legal statue and further activities of the Turkic Chambers of Commerce and Industry (TCCI); the establishment of the Turkic Trade Houses in the Member States. The Ministers also elaborated the organization of the Business and Investment Forums in Hungary (Budapest) in 2021 and Kyrgyzstan (Bishkek) in 2022. The Signing Ceremony of the “Memorandum of Understanding on Information and Experience Sharing among Various Types of Economic Zones by the Ministers” and Award Ceremony of the “Turkic Business Prize” were organized after the meeting.
Following the Ministerial meeting, the Press Conference and presentation of “Research Paper on Trade and Investment Relations among the Turkic Council Member States” prepared by the Secretariat in cooperation with SESRIC were organized with the participation of mass media.
Following the breakout of coronavirus, a joint video-conference meeting of the Ministers of Economy/Trade and the Heads of Customs Administrations of the Member and Observer States of the Turkic Council was organized on 6 May 2020 for the implementation of the decisions at the Extraordinary Summit of the Turkic Council held on 10 April 2020 on the theme of “Solidarity and Cooperation in the fight against COVID-19 pandemic”. During the meeting, the Parties discussed joint measures to overcome difficulties in cross-border movement of goods with a special attention to essential goods among the Member States, focusing on facilitations of customs clearance procedures and establishment of new mechanisms for ensuring sustainable supply chain. The Parties also underlined adequate joint actions in trade and customs fields for the early recovery of the economic repercussions of the pandemic. Member States also established “Economic and Trade Coordination Committee” (ETCC) that will follow up the implementation of the Action Plan.
At 7th Turkic Council Summit on the theme “Developing Small and Medium sized Enterprises” (SMEs) held in Baku on 15 October 2019, the Heads of States reiterated their commitment to the purpose of facilitating mutual trade and investment, as well as enhancing cooperation and exchanges among the private sectors; called on the national agencies in charge of trade registry to work on a potential cooperation in order to facilitate the cross-border affairs, movements and cooperation of entrepreneurs in Member States for boosting mutual cooperation and international trade among them. They also instructed Turkic Chamber of Commerce and Industry (TCCI) member organizations to for increasing business programs and projects to increase intra-trade and ensure socio-economic development of the Member States
The Secretariat is currently working to further elaborate vibrant projects in the field of economy such as establishing the Turkic Investment Fund, preparing a comprehensive research paper on investment climate and international trade complementarities of the Member States in cooperation with Statistical Economic and Social Research and Training Center for Islamic Countries (SESRIC) and finally founding a more institutionalized structure and a joint secretariat of the chambers of trade and industry of the Member States.
The Secretariat in close cooperation with the Ministries in charge of Economy and other relevant institutions of the Member States regularly organizes training and experience sharing programs on various subjects. Most recently, the Ministry of Trade of the Republic of Turkey together with Small and Medium Size Enterprises Development Organization (KOSGEB) held an investment statistics and investment climate training program combined with the information and experience sharing program in the field of development of Small and Medium Enterprises (SMEs) for the experts of the Member States in April 2018 in Ankara.
The Turkic Council regularly brings together members of the private sector of the Member States by organizing technical visits for investors/businessmen, holding Business Forums and meetings of Turkic Business Council, Round Tables for the Businessmen with the aim of further strengthening economic ties among its members.