Azernews.Az

By Nigar Orujova

EU’s countries placed more than half of all investments in fixed capital in Azerbaijan over the past ten years, Shahin Mustafayev, Economy and Industry Minister, said at a meeting with EU Commissioner for European Neighborhood and Enlargement Negotiations Johannes Hahn.

Hahn came to Baku for an official visit to discuss changes in the European Neighbourhood Policy on April 8.

Mustafayev said the share of EU countries in the total volume of direct investments in Azerbaijan's economy stands at 35.3 percent.

He also noted that the EU is one of the main trade partners of Azerbaijan.

“Last year, the share of foreign trade with EU countries in the total turnover of Azerbaijan amounted to 47.3 percent, and in this January-February - 43 percent,” he said.

Azerbaijan is also investing in European countries and currently plays an important role in ensuring Europe energy security.

Moreover, both the "Southern Gas Corridor" in 2014 and the Trans Gas Pipeline (TANAP) in 2015 created new opportunities for cooperation.

He went on to say that Azerbaijan and the EU are also continuing to improve the legal framework.

"By now, Azerbaijan signed an agreement on avoidance of double taxation with 21 countries of the EU, an agreement on mutual protection and encouragement of investments with 17 countries and intergovernmental commissions were established with 12 countries," Mustafayev said.

In his turn, Hahn stressed that the progress made by Azerbaijan in the sphere of economy deserves attention. He said the EU is interested in developing ties with Azerbaijan.

The twenty-year-long Nagorno-Karabakh conflict was also discussed at the meeting.

Mustafayev noted that the conflict creates serious obstacles to the development of the region. “Meanwhile, there are still a double standard in the negotiation process on the Nagorno-Karabakh conflict. To resolve this conflict, international organizations should take a principled position based on international law," he stressed.

The turnover between Azerbaijan and the EU countries amounted to over $14.6 billion in 2014. Exports to EU countries amounted to $11 billion 567.6 million, import - $ 3 billion 103.5 million.

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Nigar Orujova is AzerNews’s staff journalist, follow her on Twitter: @o_nigar

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