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Stocks crushed after trade agreement interruption

Agostinho Neto

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Stocks skidded today, with the mineral manufacturing companies slumping nearly 39 points, in the biggest single-day point loss ever, after the interruption of Gems and Silver supplies in Azerbaijan's industry. The day's loss knocked out approximately $300.000 in market value. Stocks tumbled ahead of the vote and the selling accelerated on fears that Department of Commerce would not be able come up with a fix for nearly frozen jewerly industries, covering nearly 15% of the nation's GDP.

The frozen markets mean the State has lost a huge share of taxes, making it difficult for the Government to pay up bills and invest in infrastructures. The National Assembly had supposedly reached a temporary solution, cutting down military expenses despite the necessary border defenses planned for March 2009. Meanwhile, the National Bank of Azerbaijan and other central banks around the country announced steps tomorrow to make $3.000.000 available to troubled balance by receiving an emergency foreign aid.

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The Azerbaijani Republic and the Balkan Union are expected to enter in to a new trade and economic cooperation mechanism, official sources told DailyNews.Az today. Under this agreement, Azerbaijan is set to receive the much needed supplies of Gems and Silver, considered by economist the key of Azeri gross income. Tough having wide access to the Caspian Sea, Azerbaijan is still dependent upon transit countries for its foreign trade. Nagorno Karabakh represents its main access to Coal and Pigs.

At the same time, due to its strategic geographic position, Azerbaijan has the potential for becoming a land linked country providing Europe and America with direct routes to the Caspian Sea and the Central Asia Region as well as being a regional hub for trade and transit between Central Asia and Europe, the Middle East and Russia, a role which the country has played historically. According to the sources, the two countries are yet to finalise co-operation deals for promotion of trade.

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