PM: Developing coop with EAEU partners among Azerbaijan's priorities

The development of bilateral and multilateral cooperation with partners in the Eurasian Economic Union (EAEU) is one of the priorities of Azerbaijan's foreign policy.

According to Report, Prime Minister Ali Asadov made the remark speaking as a guest at an enlarged meeting of the Eurasian Intergovernmental Council in Sochi on June 8.

He noted that the fundamental vector of relations is trade and economic cooperation.

"According to the results of the last year, trade turnover between Azerbaijan and the EAEU countries increased by 31 per cent and reached $ 4.7 billion. The share of the EAEU member states in the foreign trade turnover of Azerbaijan was about 9 per cent. In January-April of this year, the growth of trade turnover amounted to 38 per cent," the prime minister said.

Over the past three decades, Azerbaijan has been systematically developing trade and economic relations with the EAEU countries, strengthening and enhancing cooperation based on a solid legal framework, which already includes many hundreds of interstate and intergovernmental agreements. This solid economic foundation, along with trade ties, is based on boosting investment partnerships and the establishment of joint ventures, mostly in the non-oil sector.

In particular, over the entire period of EAEU activity, there has been a year-on-year increase in Azerbaijan's business ties with its key partners - Russia, Kazakhstan, and Belarus. In recent years mutually beneficial trade with Kyrgyzstan and Tajikistan has been established. The fact that Azerbaijan is the main trade partner of Russia and other EAEU countries in the region and in recent years it has accounted for about 40-50 per cent of the total trade turnover with all other South Caucasus countries testifies to the success of these ties.