EU Commission says meaningful trade agreement can increase economic ties with Azerbaijan
By Trend
The European Commission is certain that a meaningful agreement on trade can play a significant role in increasing economic ties with Azerbaijan and in boosting the country’ efforts to diversify its economy and attract more foreign investment in non-energy sectors, an EU official told Trend.
In addition, Azerbaijan’s ongoing efforts to accede to the World Trade Organization (WTO) will also contribute to these objectives, noted the EU representative.
"Trade between the EU and Azerbaijan has indeed been negatively affected by the COVID-19 pandemic. Bilateral trade in 2020 fell by about 36%. Despite the fall in bilateral trade, there has been no particular change in the structure of trade, Azerbaijan exporting for most part oil and gas to the EU.