Baku, Minsk sign memorandum to boost mutual trade

The Azerbaijan Export and Investment Promotion Agency (AZPROMO) and the Belarusian Universal Commodity Exchange have signed a memorandum of cooperation that aims to accelerate the development of trade and economic relations.

According to an AZPROMO statement, the document also aims to strengthen direct ties between business communities, facilitate trade in Azerbaijani products through the Belarusian Exchange, and promote joint events, projects, and new partnership platforms, Caliber.Az reports.

The signing ceremony, held during a business forum in Baku, was attended by AZPROMO Chairman Teymur Hajiyev and BUCE Chairman Alexander Osmolovsky, who emphasised the potential for increased Azerbaijani participation in BUCE trades.

The memorandum builds on recent positive dynamics, including Azerbaijan's ranking among the top three global buyers of Belarusian forestry products via BUCE, behind only China and Uzbekistan. It also supports the exchange of goods such as Azerbaijani fruits, cotton fiber, and aluminium tape for Belarusian dairy, meat, and industrial items, fostering import substitution and regional supply chain integration within the Eurasian Economic Union framework.

By Khagan Isayev