Baku, Azerbaijan, Sept.12
By Zulfiyya Kurbanova - Trend:
Azerbaijan and Kyrgyzstan agreed on the adoption of additional measures to enhance the product nomenclature and to increase mutual trade, reads the protocol signed on the results of the second meeting of the intergovernmental commission on economic and humanitarian cooperation held in Baku.
The total volume of foreign trade between Azerbaijan and Kyrgyzstan amounted to $14.5 million as of the end of 2013. Thus, commodities worth $12.7 million were exported to Kyrgyzstan, and import operations worth $1.8 million were carried out.
In January-July 2014 the trade turnover between Azerbaijan and Kyrgyzstan amounted to $19.5 million. In this case, goods worth $1.06 million were imported from Kyrgyzstan to Azerbaijan, with the export volumes of $18.48 million in Kyrgyzstan.
The current level of trade does not correspond to the real economic potential of countries, the commission said.
"Appropriate efforts to increase cooperation between business entities and entrepreneurs of the two countries are required for further enhance of economic cooperation," the protocol stated.
The development of direct ties between the business communities of the two countries, as well as the establishment of joint ventures is an important direction in strengthening of economic and trade relations, according to the protocol.
It is proposed to strengthen communication in the agricultural sector, which has great possibilities for joint cooperation and increase of mutual supplies. In particular, the possibilities of delivery of oilfield equipment, accessories and spare parts for drilling rigs on oil and gas production in Kyrgyzstan, as well as ensuring of the timely delivery of sugar to Kyrgyzstan in accordance with the signed contracts will be considered.
The commission believes that the expansion of economic cooperation is in direct relation to the establishment of effective transport links between the two countries.
The parties also agreed to expand the legal framework.
It is expected that Azerbaijan and the Kyrgyz Republic will sign the agreement on the avoidance of double taxation and prevention of fiscal evasion with respect to income and capital, the protocol between the State Social Protection Fund of Azerbaijan and the Social Fund of Kyrgyzstan on cooperation in the field of compulsory state social insurance and other documents in the near future.
Moreover, the Ministry of Communications and High Technologies of Azerbaijan jointly with the Ministry of Transport and Communications of Kyrgyzstan will consider the implementation of cooperation in the field of e-government, as well as explore the opportunities on using the services provided by Azerspace.
Edited by CN