Value Of Contracts Signed Within Azerbaijan-Kazakhstan Trade Mission Disclosed


(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 7. Within the trade mission that is taking place in the Azerbaijani capital, Baku, eight contracts have been signed, the value of which exceeded $55 million, Serik Zhumangarin, Deputy Prime Minister, Minister of Trade and Integration of Kazakhstan, said during the 19th meeting of the Azerbaijan-Kazakhstan Intergovernmental Commission, trend reports.

The deputy PM noted the success of the trade mission in Baku and suggested continuing the practice of mutual missions on a semi-annual basis.

Zhumangarin also spoke about the continuous development of the strategic relations between Azerbaijan and Kazakhstan.

Moreover, the deputy PM underlined the importance of the “Comprehensive Program on the Development of Cooperation between the Republic of Azerbaijan and the Republic of Kazakhstan for 2022-2026”, which was signed by the two countries during the visit of the President of Kazakhstan Kassym-Jomart Tokayev in August 2022.

With regard to the development of trade relations, Zhumangarin pointed out that the trade volume of 400-500 million manat (about $294 million) is a low figure. The minister, saying that the Azerbaijani market is important for Kazakhstan, also added that Baku and Kazakhstan's Astana have a greater potential that needs to be carried out.

In the framework of transit and transport cooperation, the minister emphasized the importance of partnership with Azerbaijan, noting that they are interested in eliminating bottlenecks within the Trans-Caspian International Transport Route (TMTM). At the same time, he highlighted the importance of establishing a joint venture between Azerbaijan and Kazakhstan to increase the effectiveness of cooperation within the framework of TMTM.

Furthermore, Zhumangarin informed the commission participants about the work on the creation of a joint venture in the framework of the project on laying a fiber-optic communication line (FOCL). He also mentioned that Kazakhstan is working on establishing the necessary infrastructure and resolving issues related to the financing of this project.

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Trend News Agency

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