Turkmenistan has made great progress on foreign trade through strengthening economic relations with friendly countries. This has enabled the country to take a decent place in the global market and earn a reputation as a reliable partner. A Central Asia observer Vadim Shagiakhmedov commented on this issue in an interview with CentralAsia.news.
Turkmenistan attaches priority importance to optimising economic activity and exploring new markets. The tasks of the programmes and strategies aimed at optimising foreign economic activity until 2030 set forth the main aspects of trade policy of Turkmenistan. An indispensable and important factor contributing to the progressive economic development is the encouragement of new ways of multifaceted cooperation.
The successful implementation of national programmes has ensured higher foreign trade growth in recent years. According to the Ministry of Trade and Foreign Economic Relations, in January-June of the year, trade turnover increased by 103.1 percent compared to the same period a year ago.
In 2023, exports amounted to $11.4 billion. In accordance with the Social and Economic Development and Investment Programme, Turkmenistan plans to increase foreign trade to $20.7 billion this year.
Turkmenistan aims its foreign economic strategy at building mutually beneficial relations with UN agencies, the WTO and a number of authoritative intentional trade and financial organisations. The short-term goals and objectives include membership in the International Fund for Agricultural Development (IFAD), the chairmanship of the United Nations Special Programme for the Economies of Central Asia (SPECA) in 2025 and the organisation of a global forum on food security jointly with the FAO in Ashgabat in November this year.
Close cooperation with the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) plays an important role in fulfilling priority tasks in such important sectors as economy, transport, energy and investment. Turkmenistan’s accession to the Framework Agreement on Facilitation of Cross-border Paperless Trade in Asia and the Pacific in 2022 ramped up economic ties with China, South Korea, Japan and other countries in the region.
Turkmenistan consistently expands trade relations with neighbouring states. The leaders of the CIS Member States adopted the Declaration on Strategic Economic Cooperation at the meeting of the Council of the CIS Heads of State in Ashgabat in October 2019. This document is based on the concept of economic development of the fraternal republics until 2030, which meets their national interests.
Turkmenistan builds its transport and logistics strategy on the concept of the revival of the Great Silk Road. This ancient caravan route connected states and nations in the Middle Ages and ran through the territory of Turkmenistan. Thoughts on how to turn it into a mechanism for effective trade cooperation and friendship in our days are reflected in the book by Hero Arkadag Gurbanguly Berdimuhamedov “Turkmenistan – the Heart of the Great Silk Road”.
The ongoing transport projects in the country are directly related to enhanced economic relations, modern geopolitical conditions, needs and goals. Turkmenistan attaches particular importance to expanding the geography of transportation and training world-class specialists in transport and logistics.
Turkmenistan pays close attention to cooperation in the fuel and energy sector. Galkynysh, Yashlar and many gas fields placed Turkmenistan among the countries with the world’s largest gas reserves. The country consistently promotes the idea of integrating the energy markets of Asia and Europe and proposes large projects aimed at galvanising trade and economic ties.
During the years of independence, the authorities of Turkmenistan have implemented fundamental reforms in this strategic sector: the gas pipelines to China and Iran were built, and the TAPI project continues to be implemented. Demand for hydrocarbon products is growing in world markets, and the geography of hydrocarbon exports is expanding. Turkmenistan exports eco-friendly gasoline, polypropylene, diesel fuel, liquefied gas and fuels and lubricants.
With the aim of diversifying the economic model, Turkmenistan is working towards bringing new types of goods and services to world markets and seeking to boost business ties in the private sector. In recent years, Turkmen entrepreneurs have made a great contribution to strengthen foreign economic relations. Agricultural export opportunities are expanding with every passing year.
Turkmenistan has built a strong industrial sector and exports textiles, medical, food, household and electronic products. Currently, over 100 countries buy products made in Turkmenistan. The authorities of Turkmenistan have opened trading houses in Moscow, Minsk, Istanbul, Kazan, Dubai and other cities, where residents show great interest in Turkmen goods. The Turkmen enterprises have received ISO and HACCP certificates of compliance, which testifies to the high quality and environmental safety of Turkmen goods.
The far-sighted foreign economic strategy initiated by the National Leader of the Turkmen people Gurbanguly Berdimuhamedov is being successfully implemented under the leadership of President of Turkmenistan Serdar Berdimuhamedov. Turkmenistan continues to put forward international initiatives and proposals to improve trade relations, encourage entrepreneurship and improve transportation efficiency as the basic conditions for creating a favourable financial climate on the continent.
