Azerbaijan urges Turkic Council states to boost mutual trade (UPDATE)

Business Materials 21 December 2016 14:54 (UTC +04:00)
Azerbaijan’s trade turnover with the countries of the Turkic Council amounted to $1.9 billion in January-October 2016

Details added, headline changed (first version posted at 12:50)

Baku, Azerbaijan, Dec. 21

By Anvar Mammadov – Trend:

Azerbaijan’s trade turnover with the countries of the Turkic Council amounted to $1.9 billion in January-October 2016, Azerbaijan’s Economy Minister Shahin Mustafayev said.

He made the remarks in Baku Dec. 21 during the 6th meeting of economy ministers of the Cooperation Council of Turkic Speaking States.

“Of this amount, $1 billion accounted for imports, and $900,000 accounted for exports from Azerbaijan,” said Mustafayev. “The share of the Turkic Council countries in the total trade turnover of Azerbaijan amounted to 14 percent. The share of these countries accounted for 13 percent in the exports from Azerbaijan and 15 percent in the imports.”

He said that the processes taking place in the global economy influenced the trade relations between the countries of the Turkic Council.

“Decrease is observed in the trade turnover between our countries as a result of the global economic processes,” he noted. “However, despite this fact, we have great opportunities to increase mutual trade. Therefore, I propose to analyze the range of products our countries sell.”

“For example, if the goods imported by Turkey, Kazakhstan and Kyrgyzstan are present in the list of products exported by Azerbaijan, these countries could import these goods directly from Azerbaijan and vice versa,” said the minister.

Mustafayev noted that this issue will become one of the topics of discussion between Azerbaijan and Turkey. He invited Kazakhstan and Kyrgyzstan to also join in.

The Azerbaijani minister also stressed that along with strong political ties, there is also a broad legal base between the Turkic Council countries.

“We have already signed memoranda of understanding in the areas of investment promotion, investment environment, investment statistics, as well as small and medium-sized enterprises within the framework of the Turkic Council,” the minister said. “In addition, more than 300 agreements were signed on a bilateral basis between the Turkic Council countries.”