It is empirically proven that cultural affinity between trading parties accompanied by strong social and cultural ties stimulates flow of trade by altering cultural barriers and creating an additional layer of trust between the parties. Countries connected with strong social ties, including cultural and linguistic bonds significantly increase the volume of traded goods. Cultural affinity between the trading parties – importing and exporting countries, stimulates exchange of information and good practices, bridges cultural gap between the parties and helps to identify the best trade opportunities.
Azerbaijani diaspora communities in the United States have significantly integrated into American social and cultural life while preserving strong cultural and linguistic ties to their country of origin. These features can be utilized as a superior “market intelligence and access” tool, as it can facilitate information exchange between the parties while reducing the cost of transactions, including but not limited to market research. Diaspora communities abroad can bridge trading parties by creating favorable conditions for parties to adopt foreign values and seize the best trade opportunities.
Event's page: https://usacc.org/event/30-06-2020-1593498431/
