Azernews.Az

Nazrin Abdul

Read more

An agreement has been reached to expand the scope of the Preferential Trade Agreement (PTA) signed between Azerbaijan and Turkiye.

As reported by AzerNEWS, Azerbaijan’s Minister of Economy, Mikayil Jabbarov, shared the update on his official X account following a meeting with Turkiye’s Minister of Trade, Ömer Bolat, held within the framework of the Georgia-Azerbaijan-Turkiye Business Forum.

Jabbarov noted that discussions focused on deepening economic partnership between the two friendly nations, ensuring sustainable growth in trade turnover and investments, improving the legal framework for business cooperation, and strengthening collaboration in energy, industrial production, transport, logistics, tourism, and other sectors.

“Within the discussions, we reached an agreement on expanding the scope of the Preferential Trade Agreement signed between Azerbaijan and Turkiye,” he stated.

The Preferential Trade Agreement between the Government of the Republic of Azerbaijan and the Government of the Republic of Turkiye was signed on February 25, 2020, to promote preferential trade between the two countries.

The agreement entered into force on March 1, 2021, allowing a number of products to be exported to Turkiye under preferential terms without the payment of import duties.

On March 1, 2024, a protocol introducing amendments to the agreement came into force in Turkey.

Speaking to local media during the 2nd Azerbaijan-Turkiye Investment Forum in Baku, Bolat said that technical teams from both countries are currently conducting impact analyses and assessments regarding a potential Free Trade Agreement.

“Our official position is that, when the time is right, it will also be possible to sign a Free Trade Agreement between Turkiye and Azerbaijan,” he emphasized.

According to Azerbaijan’s State Customs Committee, trade turnover between Azerbaijan and Turkiye amounted to $431.7 million in January this year. This represents a decrease of $51.6 million, or 10.7%, compared to the same period in 2025.

Exports from Azerbaijan to Turkiye totaled $268.2 million in January, down $39.9 million, or 13%, year-on-year.

Of this amount, $19.5 million consisted of crude oil and crude petroleum products obtained from bituminous minerals, with export volumes reaching 41,800 tons. Compared to January last year, exports of these products to Turkiye increased 4.6 times in value terms (up $15.3 million) and 4.8 times in volume (up 33,100 tons).

Non-oil exports to Turkiye amounted to $31.4 million during the reporting month, marking a decline of $5.7 million, or 15.3%, compared to January 2025. Non-oil exports to Turkiye accounted for 11.72% of Azerbaijan’s total non-oil exports, ranking Turkiye fourth among Azerbaijan’s top destinations for non-oil exports during the period.

Imports from Turkiye to Azerbaijan reached $163.6 million in January, down $11.6 million, or 6.6%, year-on-year.

Overall, trade turnover between Azerbaijan and Turkiye approached $6 billion last year, underscoring the strategic economic partnership between the two countries.

It was a pleasure to meet with Ömer Bolat (@omerbolatTR), Minister of Trade of Türkiye, within the framework of the #Georgia–#Azerbaijan–#Türkiye #BusinessForum.
We discussed deepening our #economic partnership with the friendly country, further increasing trade turnover and… pic.twitter.com/N1wRtxFtIn

— Mikayil Jabbarov (@MikayilJabbarov) February 26, 2026