General Information. On September 16, 2010, at the 10th Summit of the Heads of State of the Turkic Speaking countries in Istanbul, a decision was made to establish the Cooperation Council of Turkic Speaking States. The Business Council of Turkic-Speaking States was established in 2011. The Republic of Azerbaijan is represented by National Confederation of Entrepreneurs (Employers') Organizations of the Republic of Azerbaijan in Business Council.
Member States. Azerbaijan, Turkey, Kazakhstan, Kyrgyzstan, Uzbekistan.
Observer state: Hungary, Turkmenistan.
Objectives. The major objective of the Organization is to create a new common-turkic union for strengthening nations' union speaking same language and living in similar condition, enlarging social and economic relations.
Cooperation with Azerbaijan. The meetings of the Working Group on economy of OTS and the meetings of economy ministers of the member states are held once a year, respectively. The suggestions on improvement of economic relations among the member states and the problems faced by the countries in economic sphere are discussed in the meetings. Meetings in 2012, 2016 and 2021 were held in Azerbaijan.
The 7th Summit of the OTS meeting of Head of States was held on 15 October, 2019 in Baku. Within the framework of the 7th summit on 14 October, 2019 was held a Business Forum.
On 10th of April 2020, an extraordinary Summit of the OTS was held through videoconference on the initiative and chairmanship of the President of the Republic of Azerbaijan Ilham Aliyev with focus on the fight against the coronavirus pandemic. İn order to implement the directives of the abovementioned meeting an emergency meeting among the ministers of economy and heads of custom administration was held on 6th of May 2020. Minister of Economy Mikayil Jabbarov moderated the meeting.
On 9th of September 2020 a meeting was held between the Minister of Economy Mikayil Jabbarov and the Secretary General of the Organization Baghdad Amreyev. The main topics of the meeting was a current state and the opportunities to expand cooperation between member states, as well as the development of a strategic concept "Turkic Vision - 2040" and other issues of mutual interests within the Organization of Turkic States.
On November 2, 2020, the Ministry of Economy and the National Confederation of Entrepreneurs (Employers’) Organizations of Azerbaijan organized an extraordinary meeting of the Turkish Chamber of Commerce and Industry (TCCI) in Baku entitled "A new era of social and economic development of Azerbaijan". The Minister of Economy Mikayil Jabbarov made an opening speech at the meeting. Before the event, President of Azerbaijan Ilham Aliyev received the Secretary General of the Organization of Turkic States Baghdad Amreyev, the President of TCCI Mustafa Rifat Hisarciklioglu, the Chairman of the Chamber of Commerce and Industry of Uzbekistan Adham Ikramov and the President of the Chamber of Commerce and Industry of Kyrgyzstan Marat Sharshekeyev. Within the framework of the event, humanitarian (food) aid was sent on behalf of the Organization to the families affected by the Armenian terror.
Negotiations are underway on the establishment of a Turkic Investment Fund within the Turkic Council. E&Y Turkey has been entrusted with the preparation of mechanisms for the establishment of the Fund. Regular meetings are held regarding the issue.
10th meeting of the Ministers of Economy and 12th meeting of the working group on economics of the Organization of Turkic States were held on 9-10th September 2021 in Baku.
The 8th Summit of the Organization of Turkic States was held in Istanbul on November 12, 2021, and the chairmanship was handed over from Azerbaijan to Turkey. At the same time, Minister of Economy of the Republic of Azerbaijan Mikayil Jabbarov participated at the Summit as the member of the delegation from Azerbaijani side. President of the Republic of Azerbaijan Ilham Aliyev was awarded the “Supreme Order of Turkic World” at the 8th Summit of the Organization of Turkic States in recognition of the historic victory that ensured the liberation of the territories of the Republic of Azerbaijan and the restoration of its territorial integrity.
The 11th meeting of OTS Economy Ministers is planned to be held in Uzbekistan in November 2022.