Kazakh president proposes signing agreement to ensure stable developing of freight transport via TITR

ASTANA. Nov 6 (Interfax) - Kazakh President Kassym-Jomart Tokayev has come up with an initiative to sign an agreement to facilitate the stable development of freight transport services via the Trans-Caspian International Transport Route (TITR), the presidential press service said.

Tokayev was cited by his press service as saying at the Organization of Turkic States (OTS) summit in Bishkek on Wednesday that enhancing transport and logistics ties is among the organization's priorities.

"It is necessary to make the most of the potential of the Middle Corridor, which plays a strategic role in the Turkic world's further economic development. Therefore, we consider it necessary to sign an agreement that will ensure the sustainable development of freight transport on this route. I hope that the participating countries will support this initiative," Tokayev was quoted by the press service as saying.

Besides, there is a need to advance financial and investment cooperation, he said, adding that the Turkic Investment Fund may play a special role in these efforts.

"He said that the sides unanimously supported an initiative to create a Council of Central Banks," the press service said.

As previously reported, Tokayev said in his speech at a plenary session of the Boao Forum for Asia that expanding transit and transport cooperation between Asian countries was a matter of strategic significance.

"It is extremely important to increase our efforts to develop both existing and new transport routes. These include the Trans-Caspian International Transport Route, or the so-called Middle Corridor, which is highly effective in ensuring the reliability of supply chains between Asia and Europe. We expect that the figure will grow to 10 million tonnes in coming years. At the same time, Kazakhstan is ready to cooperate with its neighbors in developing the North-South corridor," Tokayev was quoted by his press service as saying at that event.

The Trans-Caspian International Transport Route, also known as the Middle Corridor, is an international transport corridor running through China, Kazakhstan, the Caspian Sea, Azerbaijan, Georgia and on to Turkey and European countries. The Baku-Tbilisi-Kars railway, which is now operational, is part of the corridor.