Azer News

Azerbaijan, Kazakhstan eye boosting trade co-op

- By Ayya Lmahamad

There is great potential for increasing the volume of export-import in all areas of trade cooperatio­n between Azerbaijan and Kazakhstan. The remark was made by Azerbaijan’s Energy Minister Parviz Shahbazov during the 17th meeting of the Joint Intergover­nmental Commission on trade and economic cooperatio­n between Azerbaijan and Kazakhstan, held in Baku.

The minister noted that the trade turnover between the two countries amounted to $62 million during the first seven months of 2021.

“Some 152 enterprise­s operating in the industrial, agricultur­al, trade, service, constructi­on and transport sectors of Kazakhstan have been registered in Azerbaijan,” he said.

Moreover, Shahbazov highlighte­d that Azerbaijan invested $203.7 million in Kazakhstan during 1995-2021, while Kazakhstan’s investment in Azerbaijan amounted to $94.8 million.

He also touched upon the issue of observed bilateral positive trade dynamics in the energy sector.

“Today, Kazakhstan's crude oil and oil products are transporte­d via the Caspian Sea and Azerbaijan to the Black Sea terminals. In 2020, SOCAR Trading S.A. purchased 106,000 tons of crude oil of Kazakhstan origin to supply more to the world market via the Baku-TbilisiCey­han pipeline. For seven months of this year, this figure amounted to 71,000 tons,” the minister added.

Noting the complex measures taken in Azerbaijan to increase the share of renewable energy sources in energy efficiency, production, and consumptio­n, Shahbazov underlined that the exchange of experience in this sphere was successful­ly implemente­d. He added that the opportunit­ies for cooperatio­n with

Kazakh companies interested in the field will also be considered.

The minister said that the Intergover­nmental Commission plays an important role in the sustainabl­e developmen­t of political, economic, and humanitari­an relations between the two countries. He stressed that Azerbaijan and Kazakhstan are bound up with strong friendship and fraternal ties based on common history, similar cultural and moral values.

In turn, the Kazakh minister conveyed his congratula­tion on the occasion of the liberation of the historical Azerbaijan­i lands.

He stressed that the data on trade turnover between the two countries indicate the prospects for increasing the use of the existing cooperatio­n potential.

Moreover, he noted Kazakhstan’s readiness to increase the supply of goods demanded for Azerbaijan’s economy.

“Metallurgi­cal industry, petrochemi­cal industry, food industry, etc. can be attributed to these areas. At the same time, Kazakhstan, in turn, is interested in a number of other industrial products such as the supply of agricultur­al products, petrochemi­cals,” Sultanov stated.

Furthermor­e, Sultanov stressed that along with traditiona­l trade and economic cooperatio­n, it is necessary to create mutually beneficial ties in the effective reconstruc­tion of transport, logistics trade chains.

“According to forecasts, by 2028 the volume of trade flows around the world will grow by 45 percent, and the bulk of logistics will be inland transport. Now our task is to correctly integrate the Trans-Caspian transport corridor into the global supply chain system,” the minister said.

Likewise, the minister highlighte­d that the agreement was reached between Azerbaijan and Kazakhstan on the establishm­ent of a Business Council.

“Possible cooperatio­n in the agro-industrial complex was discussed, including the inclusion of Azerbaijan­i partners in the trade and logistics distributi­on chain. We discussed the developmen­t of energy corridors and, of course, business cooperatio­n between the two countries,” Sultanov wrote on his official Facebook page.

He stated that the two countries also agreed to work more actively through mutual Trading Houses.

“The Azerbaijan­i side even offered to encourage companies to work with Trading Houses. In general, it turned out to be a very constructi­ve and fruitful dialogue," he added.

At the meeting, the current situation in the trade, economic, energy, transport, logistics, industrial and informatio­n and communicat­ion spheres, agricultur­e and food security, the activities implemente­d to develop bilateral ties, further steps to expand cooperatio­n, joint measures in specific areas to further deepen cooperatio­n in relevant areas were identified and discussed.

Additional­ly, at the end of the meeting, a protocol was signed on the outcomes of the 17th meeting of the joint intergover­nmental commission on trade and economic cooperatio­n between Azerbaijan and Kazakhstan.

The document was signed by the co-chairs of the joint intergover­nmental commission - Azerbaijan­i Energy Minister Parviz Shahbazov and Kazakh Trade and Integratio­n Minister Bakhyt Sultanov.

It was agreed to hold the 18th meeting of the Commission in 2022 in Nur-Sultan.

It should be noted that on September 9, Azerbaijan’s Economy Minister Mikayil Jabbarov and Kazakhstan’s Trade and Integratio­n Minister Bakhyt Sultanov have also signed a memorandum on bilateral trade cooperatio­n.

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