Trade Turnover Between Azerbaijan, SPECA Countries Growing - Minister

11/21/2023 3:09:45 AM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 21. Trade turnover between Azerbaijan and SPECA (Special Program for the Economies of Central Asia) countries is growing, Azerbaijan's Minister of Economy Mikayil Jabbarov said at the SPECA 2023 Economic Forum in Baku, Trend reports.

"The trade turnover between Azerbaijan and the SPECA countries increased approximately 3.6 times and amounted to $1.3 billion in 2022. In the first nine months of this year, the trade turnover reached $1.2 billion, representing a growth of about 16 percent compared to the same period last year," he emphasized.

The minister noted that the increase in trade turnover is another evidence of the potential for future cooperation.

"As we continue to deepen our trade relations with the respective countries, we must also acknowledge the need to expand connections and develop infrastructure. This includes simplifying customs procedures, reducing trade barriers, demining, cross-border transportation, and standardizing political procedures," he added.

The UN SPECA program was established on March 26, 1998.

At present, the SPECA member states are Afghanistan, Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan.

SPECA provides a platform for sub-regional cooperation to realize the Sustainable Development Goals (SDGs) that can best be achieved through regional cooperation.

Azerbaijan is chairing the program in 2023 and hosting SPECA Days in Baku on November 20–24, 2023.

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