China-Azerbaijan trade surges over 21 pct in Jan.-July

Abstract : Trade between Azerbaijan and China experienced a remarkable increase of over 21 percent in the first seven months of 2024, reaching 2 billion U.S. dollars (approximately 14.03 billion yuan).

Azerbaijani Deputy Prime Minister Shahin Mustafayev (4th L) and Ding Tao (4th R), charge d'affaires of the Chinese Embassy to Azerbaijan, watch a cultural performance together at the Gulustan Palace in Baku, Azerbaijan, Sept. 26, 2024.

The Chinese Embassy to Azerbaijan holds a reception in Baku to celebrate the 75th anniversary of the founding of the People's Republic of China on Sept. 26, 2024. Representatives from various sectors of the Azerbaijani government, parliament, business, education, as well as representatives of diplomatic missions in Azerbaijan and Chinese people in Azerbaijan gather together to celebrate. (Photo by Tofik Babayev/Xinhua)

BAKU, Sept. 27 (Xinhua) -- Trade between Azerbaijan and China experienced a remarkable increase of over 21 percent in the first seven months of 2024, reaching 2 billion U.S. dollars (approximately 14.03 billion yuan).

This milestone was celebrated on Thursday during a reception at the Chinese Embassy in Azerbaijan, commemorating the 75th anniversary of the founding of the People's Republic of China. Both Azerbaijani Deputy Prime Minister Shahin Mustafayev and Chinese chargé d'affaires Ding Tao emphasized this achievement.

-- Economic growth and trade expansion

Mustafayev pointed out that China has become one of Azerbaijan's key economic partners, with bilateral trade seeing an impressive increase of over 43 percent in 2023, surpassing 3.1 billion U.S. dollars (approximately 21.74 billion yuan). This upward trajectory continued in 2024, with a 21 percent increase in trade recorded from January to July, reaching 2 billion U.S. dollars (approximately 14.03 billion yuan).

Ding Tao echoed these sentiments, noting that in the first seven months of 2024, bilateral trade increased by 21.9 percent year on year, indicating that both nations are on track to achieve record trade figures.

According to Ding, the Belt and Road Initiative (BRI) is aligning with the Trans-Caspian International Transport Corridor, enhancing connectivity and trade opportunities. He reported a staggering 15-fold increase in the number of China-Europe Railway Express trains passing through Azerbaijan, reflecting the growing significance of Azerbaijan in regional logistics.

-- Investment and infrastructure development

The reception also spotlighted ongoing investment projects, reflecting the strong interest in enhancing bilateral economic ties.

Mustafayev mentioned that 256 commercial organizations with Chinese investments are currently operating in Azerbaijan. He encouraged further participation from Chinese companies in reconstruction and development projects, particularly in the newly liberated territories of Azerbaijan, which have immense potential for investment.

The strategic significance of Azerbaijan's transport and logistics infrastructure was highlighted, with Mustafayev referencing key initiatives such as the Baku Sea Trade Port and the Baku-Tbilisi-Kars railway.

"These projects are vital for establishing efficient trade routes between China and Europe," he stated, adding that Azerbaijan has positioned itself as a central transport hub in the region.

-- Energy cooperation and sustainable development

On the energy front, Mustafayev highlighted Azerbaijan's role in exporting liquefied natural gas and oil products to China.

He emphasized that one of the key factors influencing the dynamics of economic relations between Azerbaijan and China is the establishment of effective cooperation in the energy sector.

He noted that alternative and renewable energy sources currently represent a promising area for cooperation between the two countries. He mentioned that discussions are underway regarding potential projects aimed at developing Azerbaijan's "green" energy with several Chinese companies.

He stated that, as Azerbaijan prepares to host the upcoming 29th session of the UN Framework Convention on Climate Change (COP29) in November, the country welcomes the participation of an official delegation from China. He expressed that they find China's advanced experience in combating climate change to be particularly valuable and relevant to their efforts.

Ding mentioned that cooperation between the two countries is expanding into high-tech and clean energy sectors, reinforcing the countries' commitment to sustainable development.

"New productive forces in China in industries like clean energy, digital economy, and industrial manufacturing are taking hold in Azerbaijan, while Azerbaijani products are also gaining greater recognition in China," he noted.

(Edited by Tian Shenyoujia with Xinhua Silk Road, tianshenyoga0524@163.com)

The Azerbaijani military band perform at the reception held at the Gulustan Palace in Baku, Azerbaijan, Sept. 26, 2024.

Azerbaijani Deputy Prime Minister Shahin Mustafayev (3rd L) and Ding Tao (4th R), charge d'affaires of the Chinese Embassy to Azerbaijan, watch a cultural performance together at the Gulustan Palace in Baku, Azerbaijan, Sept. 26, 2024.

Guests at the reception listening to the national anthem of the People's Republic of China at the Gulustan Palace in Baku, Azerbaijan, Sept. 26, 2024.

Photo shows the scene of the reception held at the Gulustan Palace in Baku, Azerbaijan, Sept. 26, 2024.

Azerbaijani Deputy Prime Minister Shahin Mustafayev (L) and Ding Tao (R), charge d'affaires of the Chinese Embassy to Azerbaijan, listen to the national anthem of the People's Republic of China at the Gulustan Palace in Baku, Azerbaijan, Sept. 26, 2024.

Azerbaijani Deputy Prime Minister Shahin Mustafayev delivers a speech at the Gulustan Palace in Baku, Azerbaijan, Sept. 26, 2024.

Ding Tao, charge d'affaires of the Chinese Embassy to Azerbaijan, delivers a speech at the Gulustan Palace in Baku, Azerbaijan, Sept. 26, 2024.