EU-Azerbaijan Economic Relations: New Perspectives and Targets

20.500.12592/xxdg4n

EU-Azerbaijan Economic Relations: New Perspectives and Targets

31 Oct 2022

Trade turnover between the EU and Azerbaijan in the year 2021 made up 13.2 billion euro, which in turn showed Azerbaijan as the largest trade partner in the region accounting for the 76 percent share of the EU’s trade turnover with the South Caucasus. [...] The Southern Gas Corridor is a strategic initiative to bring gas from the Caspian Sea to the European markets, particularly, following the strategic memorandum in energy field with the EU, which will increase the volume of the supplied gas. [...] The union aims to support Azerbaijan’s economic diversification through the negotiation of the new agreement with Azerbaijan and the accession process to the WTO. [...] In the first half of 2022 According to the statistics provided by Azerbaijan's State Statistics Committee3, in the first quarter of 2022, the departure countries of the 10 percent of the tourists arrived in Azerbaijan wer Europeans. [...] In accordance with the Economic and Investment Planning Project, the EU intends to widen mutual economic relations with both sides by means of the economic advisory platform that will further enable in the near future to enhance and strengthen the scope of regional relations to other actors which is a crucial factor in lifting up the economic development as well as geopolitical relevance of the re.

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11
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Azerbaijan

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