Official: Azerbaijan to increase trade turnover with EU to $5bn

By Azernews

By Ayya Lmahamad

Azerbaijan plans to increase trade turnover with the European Union to $5 billion, Export and Investment Promotion Agency (AZPROMO) Export Promotion Department Director Tural Hajili said.

He made the remarks during the presentation of the digital trading platform of the EU for the countries participating in the Eastern Partnership, Azernews reports per Trend.

“In this regard, the country prepared the relevant document the adoption of which is expected at the end of this month. Within the framework of this strategy, trade turnover is expected to grow by 86 percent to $5 billion by 2026,” he said.

Tural Hajili also noted that this platform will provide Azerbaijani exporters with additional and very efficient tools for the implementation of their unused export potential. In addition, he mentioned that the EU is a strategic partner of Azerbaijan in trade operations.

Moreover, speaking at the event, International Trade Center’s (ITC) Senior Trade Information Officer Paul Kelly stated that the trade turnover between Azerbaijan and the EU has the potential to double over the next five years.

Noting that the EU together with Eastern Partnership accounts for 37 percent of Azerbaijan’s trade turnover, he highlighted that this trade is relatively focused both in terms of products and destinations.

“Taking into account these possibilities in the next five years, the trade turnover between Azerbaijan and the EU can double and amount to 94 million euros and with Eastern Partnership countries this indicator can reach 180 million euros,” he said.

Local entrepreneurs support

Tural Hajili also noted that AZPROMO will support local entrepreneurs targeting EU markets.

He noted that in this regard, the development of a database of local exporters is expected, adding that through this database, it will be possible to notify entrepreneurs of the necessary certifications to enter the markets of Europe, the US, Central Asia or the Eastern Partnership countries.

"It is planned to carry out activities aimed at realizing the unused export potential of local companies," he said.

Doing business with Azerbaijan’s regions

Paul Kelly also noted that there is a great potential for doing business with Azerbaijan’s regions.

“ITC sees that Azerbaijani companies are interested in expanding the export of agricultural products to the European market through its database. For example, the center sees great interest from Azerbaijani producers of tomatoes or nuts to increase their presence in markets such as Germany,” he said.

New EU digital platform

“The use of the Eastern Partnership Trade Helpdesk digital trading platform plays an important role in disclosing Azerbaijan’s unused export potential,” Charge d’Affairs of EU Delegation to Azerbaijan Crtomir-Peter Fisinger said.

He noted that this platform will help Azerbaijani enterprises, including SMBs, identify new trade markets and products in the Eastern Partnership region and the EU, adding that the free platform, including its Azerbaijani version, is available online.

Noting that the EU is the main trade partner of Azerbaijan, he stated that more than half of Azerbaijani exports account for the EU.

“Azerbaijan is an important partner for the EU and we are committed to developing our relationship. Negotiations on a new comprehensive bilateral agreement between Azerbaijan and the EU are in an active stage,” he added.