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Azerbaijan, Türkiye initiate protocol on amendments to preferential trade agreement - minister (PHOTO)

Economy Materials 14 April 2023 18:03 (UTC +04:00)
Azerbaijan, Türkiye initiate protocol on amendments to preferential trade agreement - minister (PHOTO)
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, April 14. A protocol on amending the preferential trade agreement between Azerbaijan and Türkiye has been initiated, Trend reports citing tweet of Azerbaijani Economy Minister Mikayil Jabbarov.

According to the tweet, within the framework of the meeting with the Minister of Trade of Türkiye Mehmed Mus, the Protocol on an Amendment to the "Preferential Trade Agreement between the Government of the Republic of Azerbaijan and the Government of the Republic of Türkiye" was initialed.

“The agreement on a new list of goods to be subjected to trade concessions will further strengthen the trade partnership," the tweet added.

According to the State Customs Committee of Azerbaijan, the trade turnover between the two countries amounted to $5.8 billion by the end of the previous year.

Azerbaijan's foreign trade turnover in 2022 increased by $18.7 billion (55.36 percent) year-on-year increasing from $33.9 billion to $52.6 billion.

In the structure of foreign trade turnover, exports accounted for $38.1 billion, which is $15.94 billion, or 71.8 percent higher than in the previous year. The share of exports in foreign trade turnover was 72.4 percent compared to 65.48 percent a year earlier.

Azerbaijani imports, in the reporting period, increased year-on-year by $2.8 billion, or 24.21 percent growing from $11.706 billion to $14.54 billion. At the same time, the share of imports in foreign trade turnover was 27.6 percent compared to 34.52 percent a year before.

As a result, in the accounting period, the balance of foreign trade turnover, while remaining positive, grew year-on-year by more than $13.1 billion, or 2.2 times rising from $10.5 billion to $23.6 billion in the preceding year.

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