Azerbaijan,Latvia pledge to increase trade turnover

By Azernews

By Amina Nazarli 

Azerbaijan and Latvia pledged to further promote bilateral cooperation in various areas, as there is good groundwork for both countries to expand ties in trade, transport and logistics.

This was announced in Baku as the Azerbaijani-Latvian Intergovernmental Commission on economic, scientific, technical and cultural cooperation convened here on June 20.

Azerbaijan’s Ecology and Natural Resources Minister Huseyngulu Bagirov, addressing the meeting, stressed the necessity to bring the trade turnover between Azerbaijan and Latvia to a higher level.

Bagirov, who is also a co-chairman of the Latvia-Azerbaijan Intergovernmental Commission, noted that the current level of the trade turnover doesn’t correspond to the high level of bilateral relations.

As of late 2016, the trade turnover between Azerbaijan and Latvia totaled $8.75 million. The co-chairman noted that the import of Latvian products accounted for $7.9 million out of this amount, while the export of Azerbaijani goods accounted for only $0.85 million.

“This is an unsatisfactory indicator and is a signal that it needs to be increased,” added Bagirov.

The country’s trade turnover with Latvia amounted to $3.72 million in January-May 2017 that is by 11.5 percent more than in the same period of 2016, according to Azerbaijan’s State Customs Committee.

Meanwhile, the export of Azerbaijani goods to Latvia rose by 16 percent during the year and amounted to $312,010 and the import of the Latvian products increased by 11.1 percent – up to $3.4 million.

Latvian Transport Minister Uldis Augulis, in turn, emphasized that Azerbaijan is an important partner for Latvia, both in economic and political terms.

The minister said today there are many spheres that have big potential for bilateral cooperation.

“We intend to develop and bring the relations in education, economy, transit and logistics, tourism, and other sectors to a new level,” he added.

The expansion of bilateral relations in logistics is very important, according to the Latvian official. Latvia wants to join together with Azerbaijan the New Silk Road project, which will lead to the development of economy of all participating countries, said the minister.

“Transportation and logistics provide an opportunity to develop entrepreneurship and increase trade turnover,” added Augulis.

Azerbaijan and Latvia are preparing to sign a number of intergovernmental agreements in education, logistics and construction as well as financial and tax cooperation in July,  said Deputy Foreign Minister Khalaf Khalafov.

Khalafov noted that in particular it is expected to sign an agreement on combined transportation, which is very important for the cargo transportations between Azerbaijan and Latvia.

Latvia is a significant element of the European transport and logistics sector, and the Latvian side regards Azerbaijan as an important partner in development of transport connections between Asia and Europe.

Latvia also sees Azerbaijan as Europe’s main source for energy resources in the Black Sea-Caspian region.

Azerbaijan attaches great importance to cooperation with Latvia within regional organizations, including the Union of the Baltic States.  Azerbaijan is also keen to develop cultural and humanitarian relations.

Latvia recognized Azerbaijan’s independence in 1992. Bilateral diplomatic relations between the two countries were established in 1994 and the Azerbaijani Embassy in Latvia began to function in 2005, and the Latvian Embassy in Azerbaijan was opened a year later.

So far, 34 documents were signed between the two countries.