A MEMORANDUM ON TRADE COOPERATION

Economic Relations are bilateral and multilateral cooperation among different countries leading to the economic, political and international development of countries. Having the same national roots, culture, history and traditions the relations between Azerbaijan and Kazakhstan have ancient and long history.

After gaining independence the ties between these two countries have become broader and deeper.

On August 9, 2021 The Kazakhstani Trade and Integration Minister, Bakhyt Sultanov paid a working visit to the Azerbaijan Republic having a number of high-level meetings.

The potential of increasing bilateral turnover was discussed between the Azerbaijani Minister of Economy, Mikayil Jabbarov and  the Kazakhstani Trade and Integration Minister, Bakhyt Sultanov. Evaluating the data on the existing potential of cooperation Bakhyt Sultanov stated the trade turnover between Kazakhstan and Azerbaijan not to be fully usedand expressed Kazakhstani will to increase the supply of goods, i.e. metallurgical, petrochemical and food industry, the construction materials and products that were in great demand in Azerbaijan. B.Sultanov mentioned Kazakhstan to have demand for the Azerbaijani food industry and petrochemicals.

The Azerbaijani side expressed readiness to deepen trade and economic cooperation with Kazakhstan.

The Kazakhstani Minister of Trade and Integration and the Azerbaijani Minister of Economy signed a Memorandum on Trade Cooperation aimed at developing and increasing cooperation in the field of trade on mutually beneficial and fair basis.

The parties agreed to exchange experience in the development of the fields as domestic and foreign trade, expanding and promotion of non-primary goods and services’ export, improvement of trade infrastructure, advancing of e-commerce, as well as supporting the dialogue between public and private sectors. It was agreed to identify barriers to trade and find the ways to reduce and remove such barriers.

In addition, the two officials agreed to encourage interaction between enterprises of the two countries, as well as to facilitate trade in certain goods of the countries.

Simultaneously, the Trade and Economic Mission of the Republic of Kazakhstan presented by 19 Kazakhstani companies demonstrated their export opportunities in Baku as well.  More than one hundred Azerbaijani companies were said to take an interest in the Kazakhstani business.

Bakhyt  Sultanov discussed issues of the cooperation in expanding and modernizing the infrastructure of Trans-Caspian International Transport Route (TITR) with the Azerbaijani Minister of Transport, Communications and High Technologies, Rashad Nabiyev.  Particular attention was paid to border-logistic trade hubs during the meeting.

Both parties were pleased with high-level meetings and their results. The Memorandum and the results of the meetings are said to make a significant impact on the Azerbaijani and Kazakhstani relations.