BAKU, Azerbaijan, March 27. EU and Azerbaijan need more modern provisions in bilateral economic relations, Miriam Garcia, European Commission spokesperson, told Trend.
“The EU is indeed Azerbaijan's main trading partner, accounting for around 44.8 percent of Azerbaijan's total trade in goods, higher than Türkiye (13.7 percent), Russia (8.8 percent) or China (5.3 percent) with a 58.8 percent share of Azerbaijan's exports and a 18.2 percent share of Azerbaijan's imports,” said Garcia.
She pointed out that EU-Azerbaijan trade relations are solid and total bilateral trade grew considerably in 2022 compared to 2021 - more than 120 percent, from around € 15 billion to € 33 billion.
“However, the growth principally happened in energy products and much of the trading potential between EU and Azerbaijan can still be further developed.
In order to do so, we need to update our bilateral agreement to include more modern provisions in our bilateral economic relations. We believe that these provisions should include rules on government procurement, services, competition, energy and raw materials, as well as trade and sustainable development. This could constitute the basis for a deeper interaction between our economies and diversification and intensification of trade and investment flows,” the EU Commission’s spokesperson explained.
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