PM: Turkish-Azeri trade to hit $10bn
Trade turnover between Azerbaijan and Turkey has increased ten-fold over the past ten years, and the two countries intend to increase it further to $10 billion within the next five years, the Aksam newspaper reported on Tuesday quoting Turkish Prime Minister Recep Tayyip Erdogan.
"By late this year, we intend to increase the trade turnover to $4 billion. Our goal is to bring it to $10 billion within the next five years," Erdogan said.
The Turkish prime minister has arrived in Azerbaijan to attend a conference of the Economic Cooperation Organization (ECO), due on Tuesday.
He said the main topic during his visit will be the Trans Anatolian gas pipeline (TANAP) project. The parties will also discuss other energy projects.
The TANAP project envisages construction of a pipeline from the eastern border of Turkey to the country's western border to supply gas from the Azerbaijani offshore Shah Deniz gas field to Europe through Turkey.
In June Azerbaijan and Turkey signed an intergovernmental agreement on TANAP's implementation.
Initial capacity of the pipeline is expected to be 16 billion cubic meters a year. About 6 billion cubic meters will be delivered to Turkey and the rest to Europe.
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