Azerbaijan, EU mull implementing Eastern Partnership Economic, Investment Plan

By Azernews

By Ayya Lmahamad

Azerbaijan and the European Union have discussed implementing the Eastern Partnership Economic and Investment Plan (EIP) in the country, Azernews reports.

The discussion took place during a meeting between Azerbaijan's Digital Development and Transport Deputy Minister Rahman Hummatov with a visiting delegation led by European Commission's Directorate-General for Neighbourhood and Enlargement Negotiations Head Lawrence Meredith.

The parties exchanged views on Azerbaijan’s participation in projects related to road and rail networks included in the Trans-European Transport Network (TEN-T) and the prospects for cooperation within the Eastern Partnership Investment in Connectivity (EPIC) program.

The meeting was also attended by officials from international financial institutions, the European Bank for Reconstruction & Development (EBRD), the European Investment Bank (EIB), and the EU Representative Office in Azerbaijan.

Earlier, Lawrence Meredith held a meeting with Azerbaijan's Economy Minister Mikayil Jabbarov. During the meeting, they discussed the creation of a working group in the sphere of investment identification, investment opportunities, and potential projects in the private and public sectors.

The EU and Azerbaijan have cooperation in different sectors of the economy. The EU invested over $21.5 billion in Azerbaijan’s economy from 2012 to 2021. Azerbaijan’s trade turnover with the EU amounted to $9.3 billion last year, which is 38 percent of the country’s foreign trade. The Delegation of the European Commission to Azerbaijan was opened in Baku in February 2008.

Azerbaijan started commercial gas supplies to Europe through the Trans-Adriatic Pipeline (TAP) on December 31, 2020.

A joint statement on energy cooperation with the EU was signed more than ten years ago. The EU-Azerbaijan energy cooperation has reached a new level and is still ongoing within the framework of the Southern Gas Corridor. The EU places a high value on energy supply diversification, and the Southern Gas Corridor is particularly important in this regard. In 2021, European countries purchased 8.2 billion cubic meters of gas, with an increase in volume expected in the coming years.

Additionally, the European Union is preparing to sign an important memorandum on energy with Azerbaijan on July 18.