TODAY.AZ / Business

Azerbaijan, Uzbekistan set to boost mutual trade up to $1bn

27 December 2022 [12:25] - TODAY.AZ

By Azernews

By Ayya Lmahamad

Azerbaijan and Uzbekistan are set to increase the volume of mutual trade up to $1 billion within the next five years, Azernews reports.

The remarks were made at a meeting between Azerbaijani Deputy Prime Minister Shahin Mustafayev and Uzbek Deputy Prime Minister, Investment and Trade Minister Jamshid Khodjaev.

In this regard, the parties agreed upon a number of specific practical measures.

During the meeting, the sides noted the positive dynamics of bilateral relations and the important results of the state visit of President Ilham Aliyev to Uzbekistan in June 2022, which gave a powerful impetus to deepening and expanding the strategic partnership between the two countries.

The expansion of direct contact between the regions of the two countries was named among the promising areas of interaction. An agreement has been reached to hold a regular meeting of the business council and the first forum of the regions of Uzbekistan and Azerbaijan in Tashkent in early 2023.

Moreover, the sides agreed to create joint silk and textile clusters, and carry out joint investment projects in mechanical engineering, chemical, petrochemical, and jewelry industries, as well as in energy, agriculture, and other sectors.

Additionally, the sides discussed a broad agenda of bilateral investment cooperation.

Diplomatic relations between Azerbaijan and Uzbekistan were established on October 2, 1995. The embassy of Azerbaijan in Uzbekistan was established in August 1996, while the embassy of Uzbekistan in Azerbaijan was opened in July 1998.

The friendly relations between the two countries are based on shared values ??and historical ties, as well as a number of joint statements and agreements signed during bilateral visits and meetings.

The volume of trade turnover between Azerbaijan and Uzbekistan amounted to $111.9 million in 2021.


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