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Pakistan's Premier News Translation Agency

Azerbaijan, Uzbekistan enhancing bilateral trade up to $1bn

It was stressed that Uzbek warehouses and container terminals might operate on the basis of the Baku International Sea Trade Port.

Baku, 8 January 2023 (GNP): Recently there was a meeting that took place between two important central Asian states Azerbaijan and Uzbekistan where both countries discussed the economic potential they have if they could collaborate by collectively using the resources and opportunities of the Baku International Sea Trade Post and Alat Free Economic Zone.

This matter was discussed during the meeting between the Deputy Prime minister of Uzbekistan Jamshid Khodjaev (who is also a have the ministry of foreign trade and investment) and the leadership of the Baku International Sea Trade Port and Alat Free Economic Zone.

The execution of collaborative projects in the production of food, textiles, and other high-value-added products on the FEZ’s territory with the organization of additional exports to the EU, the CIS, and other neighboring countries were the main topics of discussion during the meeting with Valeh Alasgarov, Chairman of the Alat FEZ Board.

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Furthermore, the parties discussed the implementation of measures to expand the amount of container traffic and the transportation of commodities, such as Ro-Ro [ed. Roll-on/roll-off ships] through seaports, during the meeting with Taleh Ziyadov, General Director of Baku International Sea Trade Port.

Additionally, it was stressed that Uzbek warehouses and container terminals might operate on the basis of the Baku International Sea Trade Port and that the joint commission on international road transport may convene to examine issues related to the exchange of
commodities across the two nation’s borders.

After the fall of the Soviet Union on December 26, 1991, Azerbaijan and Uzbekistan declared diplomatic ties on October 2, 1995. The Uzbek Embassy in Azerbaijan opened in July 1998, whereas the Azerbaijani Embassy in Uzbekistan was founded in August 1996. Many
diasporas reside in one another’s nations.

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In their tight relationship, Azerbaijan and Uzbekistan regard one another as significant allies and partners. Both nations are involved in significant multilateral international and regional organizations.

At both the regional and international levels, the two nations support one another. Strong bilateral links exist between Azerbaijan and Uzbekistan as a reflection of their shared history, religion, culture, politics, diplomacy, economy, and strategic interests.

Over the years, there has been a surge in the trade, with a consistent gain of around 16%. In 2021, the value of commerce between Azerbaijan and Uzbekistan totaled $111.9 million.

This demonstrates the mutual trust felt by the people on both sides, and it has great potential and advantages for the other nations in the region.

 

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