Kazakhstan-Azerbaijan trade rises 19% in a year

Azerbaijan
Photo: Serikbol Koshmaganbetov/Kazinform

Last year, the movement of goods via the Trans-Caspian International Transport Route surpassed 2.76 million tons, up by 65%, Kazinform News Agency correspondent reports.

Kazakh ambassador to Azerbaijan Alim Baiel and Azerbaijani minister of economy Mikayil Jabbarov held a meeting discussing the current state and prospects for bilateral cooperation in trade and economic, investment, transport and logistics, and energy sectors.

Alim Baiel noted the continued growth in the trade turnover between the countries and drew attention to the importance of maintaining such trend.

Mikayil Jabbarov commended the realization of joint projects, which are of great geoeconomic significance for both countries as well as the entire region. Special attention was attached to the implementation of infrastructure and logistics projects along the Trans-Caspian International Transport Route, transit of Kazakh oil via Azerbaijan, efforts to lay a fiber-optic communication line under the Caspian Sea, as well as the agreements reached to lay a deep-water electric cable under the Caspian Sea.

The sides expressed mutual interest in the implementation of joint projects not only within the countries but also abroad, increasing the export of Kazakh grain to Azerbaijan and horticultural products of Azerbaijan to Kazakhstan. Also, new initiatives aimed at deepening economic cooperation were also discussed.

Kazakhstan-Azerbaijan trade turnover was up 19% in 11 months of 2023 compared to the same period of a year before. Movement of goods via the Middle Corridor exceeded 2.76 million tons in 2023, increasing by 65%.

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