Trade turnover with Uzbekistan doubles

AAzerbaijani Economy Minister Shahin Mustafayev held a meeting with Sherzod Fayziyev, Ambassador of Uzbekistan to Azerbaijan.

The bilateral economic relations so far have been reviewed. Mustafayev noted that the trade turnover between Azerbaijan and Uzbekistan doubled in the first nine months of 2018, while our country's exports to Uzbekistan have tripled. At present, over 30 companies with Uzbek capital operate in transit, trade, industry and service sectors in Azerbaijan.

At the meeting, the sides discussed issues related to the expansion of transport and transit relations, the Baku-Tbilisi-Kars railway, transport corridors, the Baku International Trade Port, the Trans-Caspian International Transport Corridor.

Transportation projects implemented in the South Caucasus are of great importance for Uzbekistan in Central Asia-Europe trade routes.

Speaking about Azerbaijan's favorable geostrategic position and transit potential at the intersection of East-West and North-South transport corridors, Shahin Mustafayev, stressed that there are broad opportunities for the development of transport and transit cooperation with Uzbekistan.

Ambassador Extraordinary and Plenipotentiary of Uzbekistan to Azerbaijan Sherzod Fayziyev said that his country attaches great importance to the development of relations with Azerbaijan and noted the great potential for expanding cooperation between the two countries in various fields, including transport and transit, emphasizing the role of business meetings, discussions and business forums in the development of economic relations.

Diplomatic relations between Uzbekistan and Azerbaijan were established in 1995. The Embassy of Azerbaijan in Uzbekistan has been operating since August, 1996. In July 1998, the Embassy of Uzbekistan in Azerbaijan was opened.

The intergovernmental commission established in 1997 plays a major role in the development of bilateral economic relations.

It should be noted that a declaration on further strengthening of strategic partnership between the two countries was signed in 2004 and a solid legal base for the development of the Azerbaijani-Uzbek cooperation was established.

In 2011-2015 bilateral agreements have been reached in various spheres, in particular, in promotion and mutual protection of investments, exemption from double taxation, economic cooperation, free trade, customs cooperation and etc.

Today, Uzbekistan supplies vehicles to Azerbaijan, non-ferrous metals, pharmaceuticals, fertilizers, electrical and mechanical appliances, agricultural products. It also provides transportation, tourism and other services. Azerbaijan exports mechanical equipment, confectionery, various organic and chemical compounds, tanning and coloring extracts to Uzbekistan.