Azernews.Az

By Sara Israfilbayova

Turkish President Recep Tayyip Erdogan has approved a Memorandum of Understanding (MoU) signed between the Turkish Ministry of Customs and Trade and the State Customs Committee of Azerbaijan “On the establishment of the Joint Committee on Customs Issues”.

The document was signed in Ankara in 2015, with participation of Azerbaijani President Ilham Aliyev and President of Turkey Recep Tayyip Erdogan.

The Joint Committee will coordinate the cooperation in the customs sphere between the two countries, determine the directions for the development of this sphere, facilitate the simplification of customs procedures and promote the introduction of new technologies to enhance the effectiveness of customs control.

Turkey was the first state to recognize Azerbaijan's independence in 1991 and has been a staunch supporter of Azerbaijan in its efforts to consolidate its independence, preserve its territorial integrity and realize its economic potential arising from the rich natural resources of the Caspian Sea.

The contractual base of bilateral Turkish-Azerbaijani trade and economic relations includes more than 40 documents aimed at expanding economic cooperation between states.

The trade turnover between Azerbaijan and Turkey in the first quarter of 2017 amounted to $553 million, of which $308.7 million was exported to Turkey, according to the State Customs Committee of Azerbaijan.

For the first quarter of this year, the trade turnover between Azerbaijan and Turkey increased 2.15 times, as compared to the same period of the previous year.

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