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Minister: Azerbaijan, Kazakhstan intend to expand trade and economic cooperation [UPDATE]

7 December 2017 12:06 (UTC+04:00)
Minister: Azerbaijan, Kazakhstan intend to expand trade and economic cooperation [UPDATE]

By Trend

Azerbaijan and Kazakhstan have prepared a "road map" to expand trade and economic cooperation, Azerbaijani Energy Minister Parviz Shahbazov said.

Shahbazov made the remarks during the 14th meeting of the intergovernmental commission on economic cooperation in Baku on December 7.

The minister added that the commission has carried out professional, constructive, complex and fruitful work over the past two days.

"In particular, a roadmap for trade and economic cooperation was prepared between the countries for 2018-2020, which includes an action plan and aims at increasing the trade turnover between the countries and strengthening economic cooperation," he said. “Following the meeting, a protocol will be signed and a road map will be adopted.”

The minister said that the trade turnover between Azerbaijan and Kazakhstan increased by 3.7 percent and amounted to $102.5 million over the three quarters of this year.

In particular, export from Azerbaijan increased by 7.3 percent and amounted to $21.8 million, while import from Kazakhstan increased by 2.7 percent and amounted to $80.7 million.

"Relations between our countries have long history,” the minister said. “The countries have close political and economic ties. Moreover, the 25th anniversary of the establishment of diplomatic relations between Azerbaijan and Kazakhstan has been marked this year.”

“Our countries were developing rapidly, very dynamically over these years,” he said. “Both countries have rich natural resources and have been able to attract foreign companies for cooperation."

The minister added that both countries have favorable geographic location,” the minister said, adding that as a result, the countries successfully implement transport projects.

SOCAR Trading company transported 835,100 tons of Kazakh oil in 2016 and 3,500 tons of Kazakh oil for 10 months of this year.

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