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New action plan to promote trade with Turkey

16 September 2019 12:34 (UTC+04:00)
New action plan to promote trade with Turkey

By Rasana Gasimova

Azerbaijan and Turkey plan to discuss an action plan for 2019-2021 at a regular meeting of the Intergovernmental Commission on Economic cooperation, said Arastun Hebibbeyli, Head of Secretariat of the Cabinet of Ministers of Azerbaijan.

“Current economic situation between the two countries and expansion of trade and economic relations will be discussed. Plans are underway to coordinate an action plan for 2019-2021, providing steps for intensifying cooperation in the spheres of trade and economy, transport, communication, agriculture, humanities, tourism, finances, taxes, banking, industry, energy, environment, and water,” Hebibbeyli told local media.

It is planned to discuss trade relations between Turkey and Nakhchivan Autonomous Republic, as well as make full use of the capabilities of the Baku-Tbilisi-Kars railway and bring in other countries to this project, Hebibbeyli added.

He noted that Turkey is the main investor in the non-oil sector of Azerbaijan.

Negotiations between Azerbaijan and Turkey on concluding an agreement on preferential trade are at the final stage, said Hebibbeyli.

"As many as 15 commodity items to which privileges and annual tariff quotas for these goods will be applied have been already identified. These are mainly agricultural products. After signing the agreement, customs duties will not be levied. The goal of both countries is to further increase trade," he added.

"Turkey’s investments in the non-oil sector of Azerbaijan amount to $3 billion. At the same time, Azerbaijan’s investments in the Turkish economy exceed $15 billion. Azerbaijan is one of the largest investors for Turkey, which ranks first among the countries where Azerbaijan invests," Hebibbeyli said.

The 8th meeting of IGC between Azerbaijan and Turkey will be held in Baku on September 16. The meeting will be chaired by the Prime Minister of Azerbaijan Novruz Mammadov and the Vice President of Turkey Fuat Oktay.

The previous 7th meeting of the IGC was held in Ankara on July 11, 2014.

Economic and trade relations between Azerbaijan and Turkey cover many areas. The relations between the two countries reached a strategic level many years ago, and contribute to stable and promising economic growth, which is reflected in high figures of the overall bilateral trade turnover.

In 2018, turnover between the two countries amounted to $3.4 billion, and to $2.3 billion in the first seven months of 2019. Turkey ranks second in the list of foreign trade partners of Azerbaijan.

Turkey exempted goods supplied from the Nakhchivan Autonomous Republic of Azerbaijan from duties in October 2017. In total, the list includes 43 types of products (13 agricultural, 30 industrial goods).


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