World Bank: Trade via Caspian Sea will account for over 60% of trade between Middle Corridor countries

World Bank: Trade via Caspian Sea will account for over 60% of trade between Middle Corridor countries
# 27 November 2023 14:26 (UTC +04:00)

Active participation in the Middle Corridor not only strengthens Azerbaijan's position as a regional trade and transit hub, but also positions the country as a strategic partner for Asia and Europe, says the report by the World Bank, APA-Economics reports.

It was noted that if the right policies are implemented and the necessary investments are made, by 2030, total trade from Azerbaijan, Georgia, and Kazakhstan may increase by 37%, while trade between these three countries and the EU increase by 28%.

World Bank believes that if improvements to the Middle Corridor are not implemented, the transportation demand will be 35% lower than the projected increase. Trade between Europe and Kazakhstan as well as Europe and China will account for the largest part of transit cargo volumes along the Middle Corridor. Trade between China and Europe accounts for the largest increase of corridor use by 2030 (+5,268%) although this is a small share of their total trade (around 1% of EU-China trade).

The report also notes that in 2030, trade via the Caspian Sea will account for over 60% of trade between the Middle Corridor countries, up from 40% in 2021.

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