Kazakhstan, Azerbaijan plan to increase trade turnover to $1 billion

Kazakhstan, Azerbaijan plan to increase trade turnover to $1 billion

The Presidents of Kazakhstan and Azerbaijan held talks today at the Akorda residence, where a welcoming ceremony was held for Ilham Aliyev, who is on a state visit to Kazakhstan. With Kassym-Jomart Tokayev, he discussed prospects for expanding bilateral cooperation in trade, investment, agriculture, and, notably, transit and transport.


«It is a great honor and pleasure for me to welcome you on a state visit to the Republic of Kazakhstan. This is a very important event in terms of further strengthening the strategic partnership and allied relations between our countries. It is no exaggeration to say that Kazakhstan and Azerbaijan are not only friendly states but also fraternal peoples. Therefore, this is a major priority. For us, developing trade and economic cooperation and political partnership is an urgent and crucial task,» Tokayev said.


The President of Azerbaijan noted the progress in Kazakh-Azerbaijani relations across all areas and expressed support for the reforms underway in Kazakhstan.


«Today, Kazakhstan is demonstrating a high level of development. We are closely following the reforms you are implementing and fully support your course toward modernizing the country and strengthening its potential. Regarding our bilateral relations, you noted their strategic and allied nature. We are committed to strengthening cooperation in all areas,» Aliyev stated.


Tokayev and Aliyev were also presented with a project to develop the Middle Corridor, linking China and Central Asia with Europe. The main driver of growth for this route is the rising volume of cargo moving from China to Azerbaijan. According to forecasts, freight traffic along the corridor could triple within five years, making the modernization of roads, railways, and ports a key priority.


«Last year, freight traffic along this corridor increased by 62%, reaching 4.5 million tons. This years figures are also encouraging, with a 2% rise. We are working with our international partners to simultaneously eliminate so-called bottlenecks and establish a unified long-term tariff along the corridor. This will undoubtedly improve efficiency, ensure uninterrupted supply along the entire route, and, as we plan, allow us to increase freight volumes to 10 million tons,» Tokayev noted.

The parties agreed to double bilateral trade turnover in the near future and bring it to $1 billion.