Turkmenistan's Finance Minister Announces Strategy for Resetting Relations with the EU
ORIENT | March 26. The speech by Turkmenistan's Minister of Finance and Economy, Mammetguly Astanagulov, at a business forum in Ashgabat was a moment of truth for market participants. The head of the economic bloc not only reaffirmed the strategic status of the partnership with the European Union but also presented an in-depth analysis of the current trade situation, identifying areas requiring the implementation of new solutions.
The minister cited statistical data: by the end of 2025, foreign trade turnover with EU countries would amount to approximately $2.1 billion. A decline in these figures (17.7% compared to 2024 levels) was noted, which is directly related to global turbulence—geopolitical risks and a sharp increase in transportation costs. Exports, meanwhile, fell by 21.2%, and imports by 11%.
Today, EU countries account for 10% of Turkmenistan's total trade (a 3-percentage point decrease compared to 2024). However, the Ministry recognizes enormous untapped potential in this area. The fact that over 63% of this turnover is Turkmen exports demonstrates that Europe is interested in our goods, but supply chain mechanisms require modernization. This data confirms the high competitiveness of Turkmen products in the European market, provided that transportation issues are resolved.
Mammedguly Astanagulov emphasized the transition from one-off projects to systemic integration. Turkmenistan has already successfully adopted EU technical assistance tools, such as Ready4Trade, which resulted in the launch of a national Trade Portal and e-commerce development programs.
New Integration Milestones
Global Gateway: Launched in March 2024, the €6 million project ("Enhancing Trade Resilience and Integration") runs until 2028 and will serve as the foundation for Turkmen businesses to integrate into European value chains.
Interaction with the OECD: The February roundtable discussion as part of Eurasia Week allowed for an in-depth expert assessment of Turkmenistan's business environment, effectively preparing the country for recognition as a market with transparent rules.
Path to WTO: Memorandum Ready
A key signal for investors was the confirmation that Turkmenistan had completed the draft Memorandum on Foreign Trade Regime—the key document for WTO accession. The minister emphasized that trade and investment legislation is being comprehensively improved. This means that the country's legal framework is adapting to global standards, removing barriers that previously could have discouraged major European capital.
The Finance Minister's speech was a logical complement to the Foreign Ministry's "openness effect." While diplomats talk about "bridges," the Ministry of Economy builds them with specific laws, regulations, and figures. The statistics presented are more than just a report; they are an invitation to invest in transport and industry to offset the logistical losses of 2025.
