By Ayya Lmahamad
Central Bank of Azerbaijan (CBA) and Turkey’s Capital Markets Board have signed a memorandum of understanding on cooperation, CBA’s press service has reported.
The memorandum aims to create a necessary framework for the development of regulatory cooperation in capital markets, exchange of experience, support for research and information sharing, taking into account the requirements of the national legislation of both countries.
According to the memorandum, the two institutions will exchange experience in the development of capital markets and provide consulting services. In addition, both institutions will conduct joint research and training programs under the MoU.
Meanwhile, the parties will exchange information and views on economic and financial processes in both countries and capital market issues.
The signed memorandum will serve to further strengthen cooperation in the financial sector, as in all areas of the two countries. It will contribute to the development of capital markets and the financial sector of both countries.
The CBA takes various actions to form an effective, transparent, and modern capital market that provides ample capitalization opportunities for the economy and attaches importance to international cooperation to ensure effectiveness of these measures and their compliance with international practice.
Azerbaijan and Turkey cooperate in various fields of economy. Eleven agreements were signed between the two countries within the Azerbaijani-Turkish business forum held in Ankara on February 18. The agreements envisage the development of Azerbaijani-Turkish cooperation in the economic, trade, and other spheres. Moreover, Turkey was one of the first countries that expressed its interest and readiness to participate in the restoration of Azerbaijan’s liberated territories.
Turkey was Azerbaijan's second-largest trading partner in 2020, with a trade turnover of $4.1 billion. The export from Azerbaijan to Turkey amounted to $2.5 billion, while the import from Turkey amounted to $1.5 billion. In addition, the total turnover between the two countries amounted to $1.1 billion with the export of $739.3 million and the import of $378.8 million in the first quarter of 2021.
Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad
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