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Azerbaijan’s trade turnover with EU decreases

4 September 2017 15:12 (UTC+04:00)
Azerbaijan’s trade turnover with EU decreases

By Sara Israfilbayova

The trade turnover between Azerbaijan and the European Union (EU) decreased by 30 percent as compared to the same period of last year and amounted to $3.79 million in January-July of 2017.

Export fell by 31 percent to $2.84 million, while imports decreased by 29 percent to $950,122, Milli.az reported.

Thus, the positive balance of trade turnover decreased by 31 percent, as compared to the same period of 2016 and amounted to $1.89 million for the first seven months of this year.

About 46 percent of the country's total exports and 22 percent of imports fell on the EU countries, according to the report.

Azerbaijan is currently part of the European Neighborhood Policy, Eastern Partnership and the Council of Europe, and is a large recipient of aid and infrastructure investment from the EU.

Formal relations with the EU began in 1996 when the EU-Azerbaijan Partnership and Cooperation Agreement (PCA) were signed. This agreement entered into force in 1999.This agreement marked the beginning of a mainly positive relationship between Azerbaijan and the EU, with both sides benefitting from the relationship.

In February 2017 the EU and Azerbaijan launched negotiations on a new agreement that will replace the old one.

The EU is Azerbaijan's first trading partner representing 51 percent of Azerbaijan's total trade. The EU is Azerbaijan’s biggest export and import market.

The EU's exports to Azerbaijan consist primarily of machinery and transport equipment whereas EU imports from Azerbaijan cover mainly oil and gas (98 percent of total imports).

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