The economic ties between Azerbaijan and Turkmenistan are growing stronger, with a significant rise in trade turnover and considerable progress in energy cooperation. The bilateral trade turnover between the two nations surged by an astonishing 88.31 percent year-on-year from January through October 2023, symbolizing a robust growth in their commercial relationship. This boost, as noted by Azerbaijan's Minister of Economy Mikayil Jabbarov, indicates a nearly tenfold increase in trade volume over the past two years, emphasizing the intensifying economic cooperation between Azerbaijan and Turkmanistan.
Joint Development of the Dostlug Hydrocarbon Field
A critical development in this economic partnership is the collaborative development of the Dostlug hydrocarbon field, which was previously disputed between the two countries. The signing of a Memorandum of Understanding in 2021 marked a significant turning point in this collaboration, laying the groundwork for joint hydrocarbon exploitation in the Caspian Sea deposit. This agreement embodies the concerted efforts of both nations to resolve longstanding disputes and foster mutually beneficial economic cooperation, especially in the vital energy sector.
Establishment of SOCAR's Representative Office in Turkmenistan
The opening of a representative office of the State Oil Company of the Republic of Azerbaijan (SOCAR) in Turkmanistan illustrates the commitment to long-term collaboration and mutual benefits in the energy sector. This strategic move not only facilitates the realization of joint interests in energy but also signifies a deeper level of engagement and investment in Turkmenistan's energy landscape.
Joint Intergovernmental Commission and Agro Pack Turkmenistan 2023
The seventh meeting of the Joint Intergovernmental Commission on Economic and Humanitarian Cooperation between Azerbaijan and Turkmenistan served as a platform for both countries to reiterate their commitment to strengthening bilateral relations across various spheres. The meeting highlighted the significant progress in economic and trade cooperation, underscoring the pivotal role of the free trade regime in driving the growth of trade turnover. Furthermore, the Azerbaijani delegation's participation in the international exhibition Agro Pack Turkmenistan 2023 provided a platform to explore innovative production mechanisms and gain insights into the services of international companies operating in various industries.
In conclusion, the recent developments in the economic relationship between Azerbaijan and Turkmenistan underscore a trajectory of robust growth, characterized by substantial advancements in trade turnover, landmark agreements in the energy sector, and a steadfast commitment to strengthening bilateral cooperation across diverse domains. The tangible outcomes of these developments not only exemplify the deepening economic ties between the two nations but also set the stage for sustained collaboration, mutual investments, and shared prosperity in the years to come.