Baku, Azerbaijan, Oct. 9
By Anakhanum Khidayatova - Trend:
Azerbaijan has a potential to become an important EU commercial partner in the region, the EU's Brussels Office told Trend Oct. 9.
"Already now the EU is Azerbaijan's main trade partner and one of the key investors," said the EU's office.
The Brussels Office said the EU-Azerbaijan trade relations can be further enhanced on the level of all EU member states, as a result of a closer EU and Azerbaijan cooperation on trade facilitation, improved competition rules and on expansion of favourable conditions for foreign investment.
The office said it is desirable to establish a strong and result oriented legal framework for the trade relationship, which could deliver concrete and tangible results by supporting sustainable growth and the diversification of Azerbaijan's economy through investment and cooperation, with a focus on infrastructure, agribusiness, manufacturing, and services.
"Regulatory approximation of Azerbaijan's trade-related legislation and procedures with the international and the EU standards would be also an effective tool to support the potential of the EU-Azerbaijan trade," the EU office said.
"The EU is ready to further support and expand the Azerbaijan-EU trade cooperation."
According to Azerbaijan's State Customs Committee (SCC), in January-August 2015, the trade turnover of Azerbaijan with the EU countries stood at $6,650,455,710.
As of Sept. 1, exports to EU countries stood at $4,906,329,440, while imports were $1,744,126,270.
In comparison with the same period of 2014, the exports of Azerbaijani goods to EU countries fell by 38.9 percent, accounting for 59.95 percent of the country's total exports, while imports decreased by 3.04 percent, standing at 29.57 percent of the total imports of goods.