Turkey, Azerbaijan to increase mutual turnover

19 September 2019 17:28 (UTC+04:00)

By Rasana Gasimova

Azerbaijan and Turkey intend to further increase the trade turnover by more than $5 billion based on the existing potential 

Turkish Ambassador to Azerbaijan Erkan Ozoral told local media that trade turnover between our countries amounted to $3.4 billion in 2018.

"This is a 30 increase, compared to the same period in 2017,” said Ozoral. "The goal is to reach a level of above $5 billion in the short term."

He emphasized the need to expand mutual ties in order to increase trade turnover, as well as expand economic ties between Baku and Ankara.

The issue was high on agenda as Baku was hosting an Azerbaijan-Turkey Business Forum on September 16.

The forum was organized by the Azerbaijani Export & Investment Promotion Foundation (AZPROMO) and the Foreign Economic Relations Board of Turkey (DEIK). It was attended by about 300 businessmen from both countries involved in trade, industry, energy, transport and logistics, construction, agriculture, finance, and health.

During the forum, Turkish Vice President Fuat Oktay said Baku and Ankara intend to bring trade to $15 billion by 2023. Thus, mutual trade turnover should increase 4.4 times in 2019-2022.

This is a "very large indicator", and the leadership of the two countries put before the relevant bodies many instructions on this issue, he added.

The preferential trade agreement that the countries will sign by late 2019, provides for the introduction of a zero rate of customs duty on mutual deliveries of goods between Turkey and Azerbaijan. In October 2017, Turkey also exempted goods supplied from the Nakhchivan Autonomous Republic of Azerbaijan from duties. In total, the list includes 43 names of products (13 agricultural, 30 industrial goods).

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