VP Y?lmaz highlights economic, security, climate agenda amid regional cooperation move

Turkish Vice President Cevdet Y?lmaz, who arrived in Baku to attend the opening of the 12th Session of the Turkiye–Azerbaijan Joint Economic Commission (JEC) and the 2nd Turkiye–Azerbaijan Investment Forum, met with members of the press following his official engagements in the Azerbaijani capital.

Emphasizing that relations between Turkiye and Azerbaijan are built on the principle of “Two States, One Nation,” Y?lmaz said the partnership has reached the level of a strategic alliance, a status formally enshrined in the Shusha Declaration.

Y?lmaz noted that bilateral trade volume reached $8 billion last year, adding that while a limited decline is expected this year due to fluctuations in global oil prices, the long-term target of $15 billion in trade volume remains unchanged.

He also highlighted that mutual investments between the two countries have approached $40 billion, while the total value of projects undertaken by Turkish contractors in Azerbaijan has exceeded $20 billion.

Speaking at the JEC meeting, Y?lmaz announced that a new action plan consisting of 110 articles had been signed. The plan covers a wide range of sectors, from exploring free trade opportunities to cooperation in energy, agriculture, and healthcare.

Recalling that 78 percent of last year’s 120-point action plan has already been completed, Y?lmaz said this high implementation rate demonstrates how concrete and effective cooperation between the two countries has become.

Y?lmaz described the Zangezur Corridor not merely as a transportation route but as a development corridor linking Eastern Anatolia, the Eastern Black Sea region, and Central Asia. He stressed that the project carries strategic importance for direct connectivity with the Turkic world.

He added that the Zangezur Corridor, the Development Road Project, and the Hejaz Railway form key pillars of Turkiye’s long-term economic and geopolitical vision.

Turning to domestic issues, Y?lmaz underlined that the goal of a “terror-free Turkiye” is now official state policy, noting that terrorism has imposed an estimated $2 trillion economic cost on the country. He said ending terrorism is essential not only for security, but also for development, democracy, and social welfare, adding that the work of a parliamentary commission on the issue will soon be shared with the public.

On the economy, Y?lmaz said inflation fell to 31.1 percent in November, with preliminary indicators for December also pointing to improvement. He stated that inflation is expected to fall below 30 percent with January figures, below 20 percent by the end of 2026, and reach single digits by 2027.

Despite spending $90 billion on post-earthquake recovery efforts so far, Y?lmaz said budget discipline has been maintained. He noted that Turkiye’s public debt-to-GDP ratio stands at 24 percent, placing it among the least indebted countries in the world.

Y?lmaz recalled that the 2026 budget has been approved by parliament, adding that it will allow for substantial healing of earthquake damage and mark the beginning of a primary budget surplus.

Gaza and Palestine

Addressing developments in Gaza, Y?lmaz described the events there as an outright genocide, reaffirming that Turkiye will continue to stand with the Palestinian people.

Reiterating Ankara’s support for a two-state solution, Y?lmaz said Turkiye’s struggle will continue until an independent Palestinian state with East Jerusalem as its capital is established.

Finally, Y?lmaz announced that Turkiye will host the COP31 Climate Summit in Antalya in 2026, saying the event will present significant opportunities for the country in terms of green transformation and green finance.