BAKU, Azerbaijan, Dec. 10
By Sadraddin Aghjayev - Trend:
Turkey occupied 14 percent of Azerbaijan's total foreign trade turnover with a share of $4.5 billion in 2019, Analyst of the Center for Analysis of Economic Reforms and Communications Amina Bayramova said, Trend reports citing the CAERC.
According to Bayramova, in 2020, the leaders of Azerbaijan and Turkey, in their speech at the 8th meeting of the Azerbaijan-Turkey High-Level Strategic Cooperation Council, noted that this figure is aimed at reaching $15 billion.
"A number of agreements have been signed between our countries to achieve this goal. One of them is the preferential trade agreement between the two governments, approved on July 1, 2020," she added.
"However, before the signing of the agreement, Turkey, due to high tariffs and quotas, lost in pricing policy to the CIS countries, which enjoy the advantages of the Free Trade Agreement, and showed a lower result than its potential in foreign trade with Azerbaijan," the analyst said.
"This agreement will increase foreign trade turnover between the two countries by lowering tariffs for 15 groups of goods, eliminate non-tariff barriers, and accelerate the achievement of the countries' foreign trade turnover goal. An increase in trade can also increase investment in both countries, ensuring the development of economic ties and creating a favorable environment for fair competition," Bayramova emphasized.
In October 2020, the trade between Turkey and Azerbaijan increased by $87.2 million compared to the same month of 2019, amounting to $264.4 million.
From January through October 2020, the trade between Turkey and Azerbaijan increased by $201.5 million compared to the same period of 2019, amounting to $1.81 billion.
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