Trade turnover btw Azerbaijan & Turkmenistan increases by 5 times in 2022

The 7th meeting of the Joint Intergovernmental Commission on economic and humanitarian cooperation between Azerbaijan and Turkmenistan was held within the framework of the visit of the delegation headed by Economy Minister Mikayil Jabbarov to Turkmenistan, Azernews reports.

At the meeting, co-chairman of the Joint Intergovernmental Commission, Economy Minister Mikayil Jabbarov expressed his gratitude for the warm hospitality shown to the Azerbaijani delegation.

It was emphasized that strong friendly and brotherly relations between Azerbaijan and Turkmenistan are successfully developing in all fields. The meetings of our heads of state, the agreements reached and the joint decisions taken have given a new impetus to the comprehensive development of bilateral relations. Intensive development is observed in the field of economy and trade, which plays an important role in bilateral relations. Last year, the trade turnover with Turkmenistan increased more than 5 times, and the growth trend continued in 2023. There is great potential to further increase trade turnover by expanding the range of products supplied. The free trade regime between the two countries has a positive effect on the increase in trade turnover. Successful trade cooperation can be an incentive for mutual investments. Various fields of industry, investment, energy, customs, transport, agriculture, food safety, Baku International Sea Trade Port, etc. opportunities for cooperation are great.

At the meeting, information was provided on the growing economic indicators of Azerbaijan, favorable business environment, including the business potential of Azerbaijan's liberated territories, opportunities created for investors, the importance of continuous business events in terms of determining new directions of cooperation was stated, Turkmen investors were invited to active cooperation.

Batir Atdayev, co-chairman of the Joint Intergovernmental Commission, Deputy Chairman of the Cabinet of Ministers of Turkmenistan, emphasized that there are good prospects for the future development of mutually beneficial cooperation between the two countries in various fields, and Turkmenistan attaches importance to the deepening of relations.

Initiatives serving the common interests of the two countries at the economic level, as well as perspectives of cooperation in various fields were discussed at the meeting.

At the end of the meeting, the protocol on the results of the 7th meeting of the Azerbaijan-Turkmenistan Joint Intergovernmental Commission was signed. The document was signed by the co-chairmen of the Commission - Minister of Economy of Azerbaijan Mikayil Jabbarov and Deputy Chairman of the Cabinet of Ministers of Turkmenistan Batir Atdayev. The document envisages expansion of partnership in trade, industry, energy, transport, agriculture and other fields.

As part of a business trip to Turkmenistan, the Azerbaijani delegation participated in the opening ceremony of the international exhibition "Agro Pack Turkmenistan 2023". At the exhibition the delegation presented innovative production mechanisms, the services provided by international companies operating in the fields of industry, agriculture, food, ICT, construction, logistics, textiles, and other fields, as well as providing modern solutions for increasing economic efficiency, effective use of resources and various sectors of the economy got acquainted with the innovations.