Turkey Aims to Triple Middle Corridor Trade by 2030

Source link : https://usa-news.biz/2024/04/14/georgia/turkey-aims-to-triple-middle-corridor-trade-by-2030/

By Eurasianet – Apr 13, 2024, 12:00 PM CDT

  • Turkey, Georgia, and Azerbaijan have signed a memorandum of understanding to streamline customs procedures along the Baku-Tbilisi-Kars railway.
  • The Middle Corridor, an alternative trade route bypassing Russia, is expected to see a tripling in trade volume by 2030.
  • Turkey is seeking to maintain its historic role as a nexus of East-West trade and sees the Middle Corridor as a key opportunity.

Turkey

Turkey is pressing ahead with a tripartite agreement with Georgia and Azerbaijan, aiming to speed freight rail traffic along a Middle Corridor trade route connecting China and Europe via the Caspian Sea. 

Turkish President Recep Tayyip Erdogan signed a memorandum of understanding on April 7 that aims to simplify customs procedures along the Baku-Tbilisi-Kars railway, one of the rail routes that carry goods from Azerbaijani ports on the Caspian to markets in Europe. Erdogan did not release a statement about the signing, but speaking at the railroad’s opening ceremony in 2017, he said the route can promote “political peace, security and stability, and social prosperity.” 

Turkey is seeking to solidify its role as a mainstay in the Middle Corridor web of trade routes. An alternate route traverses the Black Sea between Georgia and Romania, but it is unappealing at the moment due to the war in Ukraine. Georgia, for its part, is betting on a big increase in demand over both routes, signing onto initiatives like the Baku-Tbilisi-Kars customs agreement, while also b

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Publish date : 2024-04-14 10:47:11

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