EU ready to back Azerbaijan's economic diversification strategy
The EU is ready to support the diversification of the Azerbaijani economy,.
Azerbaijan's exports to the EU consist mainly of mineral fuels (98.9 percent) and the drop of oil prices might primarily affect Azerbaijan's export revenues, the EU officein Brussels told Trend on January 27.
“A way to mitigate potential negative impacts on trade revenues would be the diversification of the economy, for which the EU is ready to support.”
“Regulatory approximation of Azerbaijan's trade-related legislation and procedures with international standards and increased competition as promoted by the WTO would be effective tools to support the potential of Azerbaijan's trade and of EU-Azerbaijan trade relations,” the statement said. “It is also clear that WTO membership would create a more stable investment environment which is key for diversification of the economy of Azerbaijan and would probably attract EU and international investments in a wide range of sectors of the economy.”
The EU is the main trade partner of Azerbaijan. According to the Azerbaijani State Customs Committee, the share of European countries in Azerbaijan's foreign trade amounted to 46.8 percent in January-October 2015. Some 30.51 percent and 59.23 percent of Azerbaijani import and export account for the share of the EU countries respectively.
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