Azerbaijan, Belarus strengthen economic ties with key business agreements

A series of cooperation agreements were signed between Azerbaijani and Belarusian companies during the Azerbaijan-Belarus Business Forum in Baku on May 5, marking a significant step in strengthening economic ties between the two nations.

The following agreements were made during the forum: a memorandum of understanding between the Belarusian Universal Commodity Exchange and the Small and Medium Business Development Agency of the Azerbaijan Republic (SMBDA), three supply contracts between the companies “Mostovdrev” and “Sosna”, as well as agreements for product supplies between “Kamvol” and “SmartStyle” and between “Spartak” and “AZNUR”. Additionally, a cooperation agreement was signed between the Minsk Dairy Plant No. 1 and “AZNUR”, along with another agreement between the Minsk Dairy Plant No. 1 and “Araz Supermarket”, Caliber.Az reports.

Furthermore, certificates were awarded to exchange brokers from the Belarusian Universal Commodity Exchange and "SAMA-ZT".

During the forum, Chairman of the Belarusian Universal Commodity Exchange Aleksandr Osmolovsky said that the exchange turnover between Belarus and Azerbaijan reached $35 million in the first quarter of 2025.

"In the first quarter of this year, the exchange turnover between Belarus and Azerbaijan amounted to $35 million, while the total turnover for last year was $107 million," Osmolovsky stated. Among the key commodities traded, Osmolovsky highlighted timber, butter, powdered milk, sugar, and meat products. 

He noted that the share of exchange trading in the total trade turnover between the two countries stands at 21 per cent. "Last year, Azerbaijan ranked third in terms of goods purchased from the Belarusian Universal Commodity Exchange. Currently, 156 Azerbaijani companies are accredited on the exchange," Osmolovsky added. 

Head of the Belarusian Chamber of Commerce and Industry Mikhail Myatlikov also made a statement at the forum saying that Belarusian companies will also participate in agricultural and food exhibitions in Azerbaijan, which are scheduled for mid-May. 

"From May 13 to 16, the CaspianAgro and InterFood exhibitions will be held in Baku. About 20 Belarusian enterprises will present new products," he said at the forum.

In addition, Myatlikov extended an invitation to Azerbaijani companies to attend the "Belagro" exhibition, set to open on June 3. He also invited Azerbaijani industrial companies to participate in the INNOPROM International Industrial Exhibition, which will take place in Minsk from September 29 to October 2, at the newly opened International Exhibition Centre.

By Naila Huseynova