Turkey and Azerbaijan have increased their bilateral trade exchange to about $7 billion in recent years, but now Ankara has set a target to double the trade volume between the two countries in the medium term to $15 billion, Turkish Exporters Assembly (TİM) Chairman Mustafa Gültepe said during an event held in the Azeri capital.
During the opening ceremony held yesterday in Baku of the event called Turkey-Azerbaijan B2B and Business Delegation Meetings, Gültepe stressed that cultural, economic and social ties between the two countries are getting stronger every year and that the business meeting held in the Azerbaijani capital – attended by 35 companies and 38 business representatives from 15 different sectors of Turkey – will serve to lay the foundation for new collaborations through bilateral trade.
The TİM president recalled that his organization represents more than 160,000 Turkish exporters belonging to 27 sectors and 61 associations, while stressing that Turkey and Azerbaijan are two strong states in the region. “However, the volume of trade between our countries is below the desired level. Recently, our trade has reached approximately $7 billion,” he said in remarks reported by Anatolia news agency .
“As a single nation consisting of two states, we believe there is potential to increase this amount to $15 billion in the medium term. In fact, we are already seeing the positive effects of the preferential trade agreement between our countries. The protocol expanding the scope of this cooperation is also having a very positive impact on our commerce,” Gültepe stated.
More than 11,300 Turkish companies export to Azerbaijan
As he detailed, thanks to the advantages offered by such an agreement, more than 11,300 Turkish companies exported to Azerbaijan last year. By sectors, exports from the chemical industry ranked first with $537 million, followed by the defence and aerospace sector with $362 million, and the electrical and electronics sector with $233 million. As for imports from Azerbaijan to Türkiye, chemicals, iron and non-ferrous metals, and also textiles, stand out.
Gültepe added that, in the face of increasing tensions and uncertainties in the region, it is more necessary than ever to reinforce the objective of strengthening bilateral trade, so he reiterated the commitment of Turkey and his organization to continue working to strengthen both economic relations and friendship between the two countries, while emphasizing the importance that Türkiye attaches to ongoing projects in Karabakh and the East Zangezur region.
“The Zangezur corridor will provide an uninterrupted land connection with Baku through Nakhichevan. This is also of great importance for our country. When the corridor opens, Turkey will have a direct connection to the Turkic world. Azerbaijan, for its part, will be transformed into a global logistics hub. There are opportunities for very important collaborations between our countries in multiple fields,” Gültepe concluded.
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Edited and reviewed by:
Pablo Gómez is a specialist in Turkey and has been editor-in-chief of Hispanatolia since 2011. He has been analysing current affairs and geopolitics in Turkey and the surrounding region since 2006.
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