Kazakhstan-Azerbaijan: Trade growth
The trade value between Kazakhstan and Azerbaijan saw a double increase last year as the two countries continue to strengthen their trade ties. In the first quarter of 2018, the trade value was recorded at over US$ 48 million compared to US$17.5 million in 2017. Kazakhstan is one of Azerbaijan’s top fifteen exporters. Analysts viewed that the boost in trade value was driven by the strategic agreements signed last year in the oil sector as well as the transport and logistics sector.
VUGAR BAIRAMOV, DIRECTOR, CENTER FOR SOCIAL AND ECONOMIC DEVELOPMENT, AZERBAIJAN:
- I believe that trade between Kazakhstan and Azerbaijan will grow in the upcoming months. I think that the share of oil products will be bigger in the export and import of the two countries. The launch of the terminal in Azerbaijan’s port of Alyat will help increase the freight traffic. It is a great opportunity for entrepreneurs to gain from the growing international cargo transportation.
Analysts believe that the increase in trade turnover is directly related to the strengthening of cooperation in the transport and logistics sector. Moreover, the economic reforms implemented in the two countries help widen cooperation in the non-primary sector.
ELKHAN ALESKEROV, DIRECTOR, EXPERT COUNCIL, BAKU NETWORK:
- As we know, Azerbaijan imports grains, industrial products from Kazakhstan and exports agricultural products and oil equipment. I think that we will develop cooperation in engineering and agriculture as well. Development of tourism cooperation is also relevant, since we are going to establish cruise ship routes between the Caspian countries that will increase touristic connections. 0
In the first months of this year, Kazakhstan has increased grains sales to Azerbaijan several times. The countries plan to explore the trade potential of food products. The intergovernmental commission has decided to develop new areas of bilateral trade between the two countries. The strategic objectives are included in the road map adopted by the countries at the end of last year.