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Four countries set up Turkic Business Council

An agreement on the establishment of a business council of Turkic-speaking countries has been signed here on Thursday

ALMATY, October 20 (Itar-Tass) — An agreement on the establishment of a business council of Turkic-speaking countries (Turkic Business Council, or TBC) has been signed here on Thursday within the framework of the first summit of the Council for cooperation among Turkic-speaking countries (Turkic Council).

The Turkic Business Council consists of representatives of large companies of Kazakhstan, Azerbaijan, Kyrgyzstan, and Turkey.

Turkic Council Secretary-General Khalil Akindzhi has pointed out that one of the tasks facing the TBC is "to look for new aspects of cooperation" among its participants. The TBC will examine specific business projects suggested by representatives of the Turkic Council member-states. The TBC is called upon "to unite entrepreneurs who may exchange their ideas and projects". The work of the TBC will be also aimed "at removing the existing barriers in mutual trade-and-economic relations".

Khalil Akindzhi emphasized, "When trade between our countries is referred to, customs matters assume a wide scope". He spoke of the main problems, mentioning matters connected with border-crossing and acquisition of transit documents. In order to solve this problem within the framework of the Turkic Council, the sides are already discussing a project to found a Turkic Transportation Agency.

Akindzhi said earlier that participants in the TBC also intend to consider the establishment of a Turkic arbitration court to examine cases of contention between countries. In view of the existing problem of cargo preservation, "there is also interest in bringing into being a special insurance fund". TBC also plans to set up a special fund which will be aimed "at supporting those branches of the economy which need it".

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FACTBOX: Collective Security Treaty Organization

The Collective Security Treaty came into force on April 20, 1994 to herald the emergence what would eventually become the Collective Security Treaty Organization. The six member-countries are Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan