Ukraine will suffer significant losses due to embargo on agricultural exports to EU – Hetmantsev

Ukraine will suffer significant losses due to the embargo on the export of its agricultural products to neighboring countries of the European Union. The chairman of the Verkhovna Rada Committee on Taxation and Financial Policy, Danylo Hetmantsev, announced this on Telegram, Ukrinform reports. “That is, only these two countries (Poland and Hungary – ed.), which … Read more

Rwanda Interested in Importing Large Quantities of Grains from Serbia

Illustration (Photo: Fotokostic/shutterstock.com) Serbia and Rwanda traditionally have very good political relations, the minister of domestic and foreign trade of Serbia, Tomislav Momirovic, said during his visit to Rwanda. At a meeting with the prime minister of the Republic of Rwanda, Eduard Ngirente, he pointed out that “it is time for the economic cooperation between … Read more

Kazakhstan-China cargo turnover rises by 35% since Jan 2023 – KTZ

Kazakhstan and China set a historical record in mutual cargo turnover last year Kazakhstan and China set a historical record in mutual cargo turnover last year. This is what Deputy Chairman of the Board of Kazakhstan Temir Zholy National Company Yerlan Koishibayev said at a business conference on transport-logistics potential development held in Almaty, Kazinform … Read more

Turkey, Russia, China Georgia’s top trading partners in January-March

Turkey ($673.7 million), Russia ($666.9 million) and China ($376 million) were the top trading partners of Georgia in its total external trade turnover in Q1 2023. Photo: Nino Alavidze/Agenda.ge Turkey ($673.7 million), Russia ($666.9 million) and China ($376 million) were the top trading partners of Georgia in its total external trade turnover between January and … Read more

Middle corridor’s full capacity will be leveraged by Azerbaijan and Kazakhstan

An agreement was achieved between Azerbaijan and Kazakhstan to leverage the full capacity of the Trans-Caspian International Transport Route, also known as the Middle Corridor, which stretches from China to Europe covering Central Asia and South Caucasus.
They came to the agreement during Azerbaijan President Ilham Aliyev’s visit to Kazakhstan on Monday.
As Kazakhstan’s President Kassym-Jomart Tokayev said in a joint press briefing in Astana, it was important to fully utilize the capacity of the Middle Corridor with Azerbaijan, which is the Central Asian country’s Caspian Sea littoral neighbor.
He highlighted the particular importance of the full deployment of the potential of the Trans-Caspian International Transport Route, or so-called Middle Corridor. According to Tokaev, the improvement of logistical services, the creation of unified transport operators, the modernization of technical and tariff conditions, the elimination of administrative barriers and the emergence of a closed logistical cycle was being talked about during the briefing published on President.Az.
He also said that it was important to implement the roadmap for the development of the Middle Corridor for 2022-2027 effectively. Hence, taking full advantage of the growing interest in this route and involvement of third countries in its infrastructure development were agreed about by Baku and Astana.
The simultaneous removal of bottlenecks and the development of the Middle Corridor over the five-year period by all participating states are provided by the roadmap for 2022-2027. Agreed principles of work, as well as specific projects with precise parameters, deadlines implementation and responsible executors are envisaged by the document. The implementation of the agreements will make it possible to increase the throughput capacity along the corridor up to 10 million tons per year by 2025.
An agreement was achieved by Presidents Aliyev and Tokayev in August 2022 to leverage the full potential of the Middle Corridor for contributing to the growth in bilateral trade turnover ($598 million currently after a four-fold increase since 2022).
Cooperation efforts between Azerbaijan, Kazakhstan and Türkiye were decided to be reinforced and regional connectivity through already available and new agreements was agreed to be strengthened by the foreign ministers of the three countries in June in Baku. A decision to capitalize on the potential of the Middle Corridor was also made.
According to President Aliyev, they were already implementing the decisions made in Baku in August of last year, including joint efforts on connecting the transport and logistical infrastructure of the countries in order to fully utilize the opportunities of the Middle Corridor.
As the Azerbaijani president said, referring to meetings in limited and expanded formats with Kazakh officials, specific figures and a schedule for increasing cargo transportation along the East-West route were discussed and tasks to the heads of relevant agencies to study all these issues in the near future were given.
Even bigger benefits to the landlocked countries in the region are promised by the main maritime points of the Middle Corridor (the Baku International Sea Trade Port (Azerbaijan), Aktau/Kuryk ports (Kazakhstan) and Turkmenbashi Port (Turkmenistan)).
It is estimated that in one year, 96 percent out of approximately 10 million containers that are transported from China to Europe, will utilize sea routes and only the remaining 4 percent will use the Trans-Siberian Railway, which is also called the Northern Corridor.
Compared to the Northern Corridor, the Middle Corridor is more economical and faster as a trade route between Europe and Asia, and the travel distance is shrunk by 2,000 kilometers and the travel time is shortened by 15 days compared to the sea route. Climate conditions of the Middle Corridor are also more favorable and great opportunities for cargo traffic in Asia are offered by it, so that the loads can reach the Middle East, North Africa and the Mediterranean region by integrating the port connections in Türkiye.
Due to the Middle Corridor, South Caucasian and Central Asian countries are expected to get economic opportunities, enabling them to benefit from China-Europe trade, which is valued at $600 billion annually. The development and deepening of Trans-Caspian cooperation will be particularly facilitated by the establishment of logistical centers and free trade zones at the ports of Azerbaijan, Kazakhstan and Turkmenistan.

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Press Exports in February 2023: +4.0% on January 2023

Exports (calendar and seasonally adjusted exports of goods), February 2023 136.7 billion euros +4.0% on the previous month +7.6% on the same month a year earlier Imports (calendar and seasonally adjusted imports of goods), February 2023 120.7 billion euros +4.6% on the previous month +3.8% on the same month a year earlier Foreign trade balance … Read more

Exports up by almost 6 percent in February

In February 2023, the total volume of goods exports was up by 5.8 percent year on year, as reported by Statistics Netherlands (CBS). The increase was mainly seen in exports of petroleum products, machinery and appliances, and transport equipment. The volume of goods imports was up by 3.7 percent relative to February 2022. The CBS … Read more