Turkey, Azerbaijan eye $15B trade volume
WORLD ECONOMY

Turkey, Azerbaijan eye $15B trade volume

Trade pact to be inked at high-level strategic cooperation council meeting co-chaired by countries' presidents

News Service AA

Turkey and Azerbaijan on Tuesday are set to sign a preferential trade agreement towards reaching a $15 billion trade volume target.

The signing will take place during a visit to Azerbaijan by Turkish President Recep Tayyip Erdogan, at a high-level strategic cooperation council meeting co-chaired by Erdogan and his Azerbaijani counterpart Ilham Aliyev, with the participation of Turkey's Trade Minister Ruhsar Pekcan.

An action plan for cooperation between Turkey's Foreign Economic Relations Board (DEIK) and the Azerbaijan Export and Investment Promotion Fund (AZPROMO) will also be signed.

According to the Turkish Statistical Institute (TurkStat), in 2019 Turkey's exports to Azerbaijan reached $1.6 billion, while its imports from Azerbaijan hit $394.8 million, making for a $2 billion trade volume.

Turkey's main exports to Azerbaijan include machinery, mechanical appliances, and components for nuclear reactors.

With the aim of further strengthening bilateral relations, the cooperation council mechanism was established in 2010 at the presidential level.

Trilateral and quadrilateral mechanisms established with Azerbaijan are considered important mechanisms promoting regional stability, peace, and prosperity.

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