Latvia reveals COVID-19 impact on co-op with Turkmenistan

Business Materials 10 December 2020 17:33 (UTC +04:00)
Latvia reveals COVID-19 impact on co-op with Turkmenistan

BAKU, Azerbaijan, December 10

By Jeila Aliyeva - Trend:

The global COVID-19 crisis has had a huge impact on economies around the world, also has an impact on promotion of economic relations with Turkmenistan, Ministry of Foreign Affairs of the Republic of Latvia told Trend.

The ministry said that COVID-19 forced the sides to postpone the planned joint meeting.

"This year, the 4th meeting of the Intergovernmental Commission on economic, scientific, technical and cultural cooperation between the Republic of Latvia and Turkmenistan was scheduled to take place in Ashgabat (the 3rd meeting of the Commission was held on 21 November 2016 in Latvia). Given the current restrictions and safety measures established to mitigate the effects of the COVID-19 pandemic, we have postponed the meeting until the epidemiological situation stabilizes," clarified the Latvian MFA.

The MFA said that recently the experts from both sides of the Intergovernmental Commission have had a virtual meeting to discuss further steps to be taken in order to activate and promote bilateral economic cooperation, so as to create favorable conditions for business, as well as initiating new ideas for further cooperation at the government and business level.

The Commission is a crucially important instrument in the strengthening of economic relations, added the ministry.

The MFA also noted that because of circumstances of the global COVID-19 pandemic and its impact on logistics and supply chains the trade turnover between the countries was also affected.

Thus, the total trade in the first half of 2020 amounted to 2.4 million euro. In 2019, trade between the countries reached 8 million euro.

"In 2019, the main exports to Turkmenistan from Latvia were products of chemical industry (46 percent of total exports) and these included medicines and pharmaceutical products. Animals and animal products made up 26 percent of exports followed by canned fish, spirits and beverages (14 percent), with machinery, mechanical appliances, and electrical equipment making up 5 percent of total exports from Latvia to Turkmenistan," said the ministry.

In terms of Latvian imports the ministry said, that they were mostly products of chemical industry including products for medical purposes (36 percent of total imports), vegetable products made up 33 percent of imports and those included black tea, and food products including flavorings and sweeteners which made up 31 percent of total imports.

"Latvia is interested in expanding its economic and trade contacts and links with Turkmenistan," the ministry pointed out.

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