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Azerbaijan-Kazakhstan trade turnover hits $258 million in 2018

22 February 2019 19:23 (UTC+04:00)
Azerbaijan-Kazakhstan trade turnover hits $258 million in 2018

By Leman Mammadova

Azerbaijan is Kazakhstan's key trade-economic partner in the Caucasus region. Located on the route of the Great Silk Road, both countries vow for the further expansion of trade and transport relations.

Trade turnover between Azerbaijan and Kazakhstan reached $258.26 million in 2018, according to Kazakhstan`s Statistics Committee, AZERTAC informs.

Exports from Kazakhstan accounted for $211.9 million of the bilateral trade, while imports from Azerbaijan made $46.3 million.

The trade between Kazakhstan and Azerbaijan almost doubled in 2018 compared to 2017. Thus, the trade turnover between the countries amounted to $142.1 million in 2017.

“The government of Kazakhstan signed agreements on export of goods to Afghanistan, Azerbaijan, Russia and Turkmenistan. This included a $450 million agreement on transportation of transformers to Azerbaijan,” Kazakh minister of industry and infrastructure development Zhenis Kassymbek said.

Currently, Kazakhstan exports grain, ferrous metals, locomotives, railway infrastructure equipment, fuel, some industrial products and oil equipment, metal structures, agricultural products and food to Azerbaijan.

In turn, Kazakhstan imports from Azerbaijan products from ferrous metals, jet kerosene fuel, cars, lamps and lighting equipment, industrial equipment, orthopedic appliances, spare parts for aircraft and automobiles and textiles

Kazakhstan and Azerbaijan attach great importance to the development of bilateral trade and economic ties. There is a successfully operating Intergovernmental Commission, and business forums are held regularly.

In 2017, the Kazakh-Azerbaijani intergovernmental commission adopted a road map for trade and economic cooperation for 2018-2020.

For Azerbaijan and Kazakhstan the most important points of cooperation appear to be the contacts on energy issues, oil transportation, agriculture, and the use of the Caspian Sea as an important international traffic artery. The accession of Kazakhstan to the Baku-Tbilisi-Ceyhan oil pipeline in 2006 opens up broad prospects for the states to strengthen their positions both at the regional level and in the international arena.

Both countries are interested in intensification of cooperation in many areas, particularly logistics and infrastructure today. Azerbaijan and Kazakhstan, being the Caspian littoral states, are a natural bridge connecting the West and the East. Thus, the new stage of the cooperation in the field of transport, energy and trade opens another door for Europe to the East.

At present, the two countries are working on promotion of a joint transport project - the Trans-Caspian International Transport Route (TITR), which involves cargo transportation from China via Kazakhstan, Azerbaijan, Georgia and further via Turkey and Ukraine to Europe.

The countries also actively cooperate within the framework of such international and regional organizations as the UN, OSCE, OIC, CICA, Turkic Council, CIS, etc.

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Leman Mammadova is AzerNews’ staff journalist, follow her on Twitter: @leman_888

Follow us on Twitter @AzerNewsAz

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