BAKU, Azerbaijan, Dec.8
By Leman Zeynalova – Trend:
According to 2019 data, the EU continues to be Azerbaijan's biggest export and second biggest import market (after Russia), while Azerbaijan is the EU’s 42nd biggest trading partner, the European Commission told Trend.
“EU imports from Azerbaijan mainly consist of mineral fuels, lubricants and related materials. EU exports to Azerbaijan are dominated by machinery and transport equipment.
As a consequence of the pandemic, total trade between Azerbaijan and the EU decreased by 34.6 percent in the period of January to August 2020 compared to the same period in 2019. More than 90 percent of Azerbaijan’s exports to the EU is gas and oil, which makes the country particularly vulnerable to economic shutdowns and price volatility,” said the Commission.
The organization said that the EU and Azerbaijan are currently negotiating a new bilateral Comprehensive Agreement that will upgrade the existing Partnership and Cooperation Agreement.
“While there will be no elimination of tariffs, it contains a chapter with provisions to enhance cooperation on trade matters, such as technical standards, animal and plant health measures, customs cooperation and trade and sustainable development. This would be a cornerstone in Azerbaijan’s efforts to diversify its economy and support the socio-economic development of its regions. This would also support Azerbaijan’s WTO accession process.
The next meeting of the Sub-committee on trade, economic and related legal issues will be held in early 2021. This will be the occasion to follow-up on bilateral trade issues, including those discussed in the last Sub-committee meeting in February 2020,” said the Commission.
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