Azernews.Az

By Amina Nazarli

The European Union has allocated technical assistance in the amount of 582 million euros to Azerbaijan so far, said Shahin Mustafayev.

Azerbaijan’s Economy Minister made the remarks at a meeting with the newly-appointed Head of EU Delegation to Azerbaijan, Kestutis Jankauskas, on October 3.

Mustafayev reminded that the EU is one of main trade partners of Azerbaijan.

“The share of the EU in Azerbaijan’s trade turnover is 35 percent. Over the past 10 years, the EU share in total volume of investments in the country’s fixed capital was 46 percent, and in the volume of direct investments in non-oil sector – 35 percent. More than 1,300 companies from EU countries operate in Azerbaijan,” noted the minister.

Economic relations between Azerbaijan and EU are successfully continued, the minister said, adding that Azerbaijan is interested in further expanding cooperation with the structure in non-oil sector, which is one of the priority directions.

The meeting also hailed the cooperation of Azerbaijan with EU in transport and energy fields, as well as the significance of the Southern Gas Corridor project and possibilities of using Azerbaijan's great transit potential.

Jankauskas, for his part, said that currently, active work is underway on a strategic partnership agreement between the EU and Azerbaijan.

Underlining effective cooperation between the two in the field of energy, Jankauskas emphasized wide export opportunities of Azerbaijan.

Trade turnover with the EU amounted to $4.33 billion in January-August 2017, some $3.18 billion out of which accounted for the export to EU countries, according to Azerbaijan’s State Customs Committee.

The two also exchanged views on the new EU-Azerbaijan Agreement.

On November 14, 2016, the European Council issued a mandate to the European Commission and the EU High Representative for Foreign Affairs and Security Policy to negotiate a comprehensive agreement with Azerbaijan on behalf of the EU and its member states.

The new agreement must replace the partnership and cooperation agreement signed in 1996 and must more take into account the common goals and challenges facing the EU and Azerbaijan today.

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Amina Nazarli is AzerNews’ staff journalist, follow her on Twitter: @amina_nazarli

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