Azerbaijan's trade turnover with BRICS countries increases by over 9%

Azerbaijan's trade turnover with the BRICS countries saw a significant rise during the first seven months of 2024. The total trade volume between Azerbaijan and BRICS countries increased by 9.2 percent compared to the same period last year, surpassing $5.8 billion, according to data from the State Customs Committee Azernews reports.

From January to July 2024, trade with BRICS countries accounted for 21.65 percent of Azerbaijan's total trade turnover, reflecting an increase of 4.08 percentage points compared to the previous year. This highlights the growing economic ties between Azerbaijan and the BRICS nations.

The BRICS organization, founded in 2006, currently includes nine countries: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the UAE. The increase in trade turnover indicates Azerbaijan's expanding economic engagement with this diverse group of emerging markets.

It's noteworthy to add Azerbaijan has officially applied for BRICS membership. Initially identifying investment opportunities, the grouping of governments has since 2009 become a single geopolitical bloc that meets annually at official summits and coordinates multilateral policies.