Azernews.Az

By Sara Israfilbayova

The EU will support strengthening competitiveness of the horticulture sector in Azerbaijan’s Lankaran region, reads the agreement on financing the program of activities on Azerbaijan for 2017.

Azerbaijan’s Economy Ministry said in a message that the agreement was signed as part of the meeting between Azerbaijan’s Economy minister Shahin Mustafayev and Head of the EU Delegation to Azerbaijan Kestutis Jankauskas.

The signed agreement envisages strengthening competitiveness of the horticulture sector in Azerbaijan’s Lankaran Economic Region, as well as further improving the business environment and investments.

At the meeting, the minister noted special importance of mutual visits and high-level meetings in expanding relations between Azerbaijan and the EU.

Jankauskas noted the mutual interest in expanding ties. He noted effective cooperation in the energy sector between Azerbaijan and the EU, as well as the country’s broad export opportunities.

The EU is one of the main foreign trade partners of Azerbaijan. The share of the EU member states in Azerbaijan’s foreign trade in 2017 was 42 percent, and in the first eight months of 2018 - 43.5 percent.

There are more than 1,500 companies of EU member states operating in Azerbaijan. Over the past six years, EU member countries have invested about $16 billion in Azerbaijan.

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 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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Sara Israfilbayova is AzerNews’ staff journalist, follow her on Twitter: @Sara_999Is

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