BAKU, Azerbaijan, December 23. A free trade agreement between Türkiye and Azerbaijan may be signed, Turkish Trade Minister Ömer Bolat told reporters at the 2nd Azerbaijan-Türkiye Investment Forum in Baku, Trend reports.
''The preferential trade agreement that came into force in 2021 and the additional protocol that will take effect in 2024 have had a positive impact on trade. Technical teams from both countries are currently analyzing and assessing the impact of the free trade agreement.
The official position is that, when the time comes, it will be possible to sign a free trade agreement between Türkiye and Azerbaijan as well," Ömer Bolat said
He stressed that economic cooperation between Türkiye and Azerbaijan continues at a high level, as do political and diplomatic relations. The parties are actively working to deepen economic ties and bring mutual trade turnover to $15 billion.
Ömer Bolat stated that both countries are already acting from a common position in political, social, and diplomatic terms, and that the alliance is yielding concrete results in the economic sphere as well:
Guidelines are also being developed for entrepreneurs, industrialists, importers, and exporters, who are the real implementers of economic cooperation.
According to official data, there are currently about 7,000 Turkish companies operating in Azerbaijan, and the total investment of these companies amounts to $18 billion. At the same time, about 3,000 Azerbaijani companies operate in Türkiye, and their investments amount to $21 billion. Both sides are interested in increasing mutual investments, and any problems that arise are resolved promptly.