Azerbaijan reports growth in trade turnover with Caspian littoral states
Azerbaijan's trade turnover with the Caspian littoral states increased by more than 6 percent at the end of 2024, the country’s Prime Minister Ali Asadov said on Tuesday.
Speaking at the 3rd Caspian Economic Forum in Tehran, Asadov described the event as a vital platform for discussing current issues of economic and trade collaboration between the Caspian littoral states, News.Az reports, citing Azerbaijan’s Cabinet of Ministers.
He noted that the Joint Communiqué of the Second Forum held in Moscow in 2022 confirmed the parties' interest in boosting trade turnover, strengthening the region's investment attractiveness, and enhancing the economic competitiveness of the Caspian littoral states.
Asadov highlighted the innovation-driven development of economic and trade cooperation between Azerbaijan and the Caspian littoral states, noting that Azerbaijan's trade turnover with these countries increased by more than 6 percent at the end of 2024.
He stressed the importance of the Agreement on Economic and Trade Cooperation between the Governments of the Caspian States, signed in Aktau in 2018, which entered into force in 2023. He expressed optimism that the implementation of this accord would contribute to the development of practical measures in trade, industry, agriculture, tourism, and other sectors.
Highlighting various formats and mechanisms of interaction between the Caspian littoral states, the premier emphasized that a solid contractual and legal framework for sectoral cooperation has been created, and considerable progress has been made in implementing decisions and agreements adopted at the highest level. He described the Convention on the Legal Status of the Caspian Sea, signed in Aktau in 2018, as a fundamental document for comprehensive cooperation in the Caspian region.
Following the Second Forum, significant agreements were reached in the transport sector, creating favorable conditions for the region to become a major international transport hub with a developed infrastructure. Asadov updated the forum participants on Azerbaijan's role in realizing the "East-West" and "North-South" international transport corridors, which are pivotal for all countries in the region. He emphasized that, considering the increase in cargo transportation through Azerbaijan's territory, the country is investing additional funds to enhance the throughput capacity of these corridors by modernizing its transport infrastructure.
PM Asadov reiterated the commitment of the Caspian littoral states to ensuring that the Caspian remains a sea of peace, harmony, and effective international cooperation. He noted that this requires decisive measures to ensure security and stability in the Caspian Sea.
Touching upon projects in green energy and digital technologies, Asadov emphasized that cooperation in these key areas ensures a stable and environmentally safe future for the region.
The premier also underscored the importance of the COP29 climate conference, held for the first time in the region, stating that hosting such a major international event in Azerbaijan highlights the significance of the Caspian region in the global climate agenda and contributes to attracting investments in environmentally friendly technologies and sustainable development.
Regarding environmental issues in the Caspian Sea, which are of serious concern to the Caspian littoral countries and require a unified approach, Asadov stated: "The issue of the shallowing of the Caspian Sea was extensively discussed at the 6th Caspian Summit of the heads of state. President of Azerbaijan, Ilham Aliyev, initiated the establishment of an expert group to identify the causes and determine measures to prevent further shallowing."
The participants expressed their hope that all matters would be addressed at the first meeting of the working group in Baku.
In conclusion, the plenary meeting adopted the Communiqué of the 3rd Caspian Economic Forum.
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