BAKU, Azerbaijan, July 27. Türkiye is one of the main trading partners of Azerbaijan, Azerbaijan's Economy Minister Mikayil Jabbarov said at a meeting with Turkish Trade Minister Omer Bolat, the press service of Azerbaijani Economy Ministry told Trend.
According to Jabbarov, fraternal and allied ties between Azerbaijan and Türkiye foster economic cooperation development and accelerated implementation of joint projects.
"The agreement on preferential trade between the countries and the Protocol on amendments to this document give an additional impetus to the strengthening of trade and economic cooperation," Jabbarov said. "The fraternal states carry out successful investment cooperation, trade turnover in the non-oil sector is growing. Large-scale projects implemented with the participation of Azerbaijan and Türkiye contribute to the diversification of regional cooperation and change the situation in the region."
Bolat emphasized friendly and fraternal relations, as well as strategic partnership between the countries with common values, raised the issue of strengthening the dialogue between business circles and stressed the importance of unleashing the full economic potential.
The parties also discussed initiatives to expand economic partnership and opportunities of cooperation in the fields of transport and tourism, as well as standardization systems and technical regulations.
Besides, during meeting with the Head of the Turkish Presidency's Finance Office Goksel Asan, Jabbarov discussed the significance of the Azerbaijani-Turkish union for economic partnership, promoting mutual investments and business cooperation opportunities.
The minister also pointed out the successful development of trade and economic cooperation, as well as the global and regional projects implemented with the participation of both countries.
Cooperation in the fields of economy, trade, finance, insurance, transport and energy contribute to the diversification of the economies of Azerbaijan and Türkiye.
The parties stressed that joint activities and close cooperation of business circles will contribute to the further deepening of relations and increase in trade turnover and investment.
As of December 2022, Azerbaijan invested about $20 billion in the Turkish economy, and Türkiye - about $14 billion in the Azerbaijani economy.
In the first half of 2023, trade turnover between the countries amounted to $3.9 billion (a year-on-year increase of 34.82 percent).