Azerbaijan, Uzbekistan discuss boosting bilateral trade turnover

Azerbaijan and Uzbekistan got engaged in discussions to increase their bilateral trade turnover, Report informs, citing the Center for Analysis of Economic Reforms and Communication (CAERC).

The CAERC's Executive Director, Vusal Gasimli, received a delegation led by Obid Khakimov, Director of Center for Economic Research and Reform under the Administration of the President of Uzbekistan.

During the meeting, Gasimli emphasized that the agreement on allied relations signed between the two countries during President of Azerbaijan Ilham Aliyev's state visit to Uzbekistan has ushered in a new era of cooperation. He provided information on the current state and future directions of economic, trade, and investment relations between the two nations.

Gasimli also presented potential project proposals related to CAERC's contribution to the implementation of the "Practical Action Plan for 2024-2025 on Further Expansion of Economic-Trade and Investment Cooperation between the Azerbaijan’s Economy Ministry and Uzbekistan’s Ministry of Investments, Industry and Trade.

The director noted that the trade turnover between Azerbaijan and Uzbekistan reached nearly $180 million last year. In the first five months of 2024, this figure has already reached $70 million. To further increase these numbers and realize the existing potential, it is crucial to hold mutual contacts and meetings in various formats.

Gasimli highlighted the priorities in energy cooperation, particularly the export of electricity from Central Asia to Europe. He also recalled the Memorandum signed between CAERC and Uzbekistan's Center for Economic Research and Reforms in 2021, emphasizing the important projects implemented in recent years under that document.

Khakimov, in turn, highly appreciated Azerbaijan's dynamic economic development and stressed the importance of cooperation with CAERC in this regard. He expressed interest in learning from experiences that support Uzbekistan's socio-economic development.

The Uzbek official noted that relations between the two countries in the fields of trade, investment, and strategic partnership are of great importance. He expressed readiness to cooperate on increasing trade turnover, promoting mutual investments, and deepening economic integration.

In conclusion, the parties agreed on future steps to implement joint projects in trade and investment and to strengthen economic cooperation.