A banking delegation headed by Chairman of the Central Bank of Azerbaijan, Taleh Kazimov, has recently completed its historic visit to the US. This landmark trip, organized jointly by the Azerbaijan Banks Association (ABA) and the US-Azerbaijan Chamber of Commerce, marked the first comprehensive visit of Azerbaijani bankers to the US and ushered in a new era in bilateral financial cooperation.

The delegation included the heads of 11 leading commercial banks of Azerbaijan, who interacted fruitfully for four days with representatives of the US government, heads of financial organizations and leading experts in the field of finance.

Expansion of economic ties

During meetings at the State Department, the Treasury Department, the Commercial Service, the Office of the Comptroller of the Currency and other key US departments, the delegation discussed strengthening economic ties between the two countries. The parties noted the importance of the role of the banking sector in stimulating trade relations and investment, and also agreed on joint efforts to expand cooperation between financial sector regulatory authorities and banks of the two countries.

 
Exchange of experience and best practices

In addition to discussing issues of bilateral cooperation, Azerbaijani bankers received a valuable opportunity to familiarize themselves with the best practices of their American colleagues. Meetings with representatives of the Federal Reserve Bank of New York, Bank of Mellon New York and other leading US financial institutions allowed them to learn best practices in information security, cybersecurity, risk management, compliance and the use of artificial intelligence in banking operations.

Prospects for cooperation

The visit of a delegation of Azerbaijani banks to the US became a catalyst for new promising areas of cooperation. The parties agreed to expand cooperation in areas such as:

Trade finance: Helping Azerbaijani companies access financing to export goods and services to the US.

 
Investment cooperation: Supporting the participation of American investors in projects in Azerbaijan.

Expanding correspondent banking: Strengthening ties between Azerbaijani and US banks to facilitate cross-border payments. After the visit, some Azerbaijani banks have already announced the opening of a correspondent account with the Bank of Mellon New York, which in turn should serve to expand business in the field of international payments, as well as promote international money transfer services.

So, the visit of the Azerbaijani banking delegation to the US became a significant event, opening a new page in relations between the financial sectors of the two countries. The agreements reached lay a solid foundation for long-term and mutually beneficial cooperation between the financial sector of Azerbaijan and the US.