Turkey wants to exempt trade with Azerbaijan from duties in shortest possible time

Mon 23 April 2018 06:11 GMT | 06:11 Local Time

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Turkey hopes for the early signing of an agreement on preferential trade with Azerbaijan, Turkish Minister of economy Nihat Zeybekci said in an exclusive interview with Trend.

According to the minister, in 2017 [according to the Turkish side] the trade turnover between Azerbaijan and Turkey amounted to $2.7 billion, having increased by 10 percent during one year. Turkish exports amounted to $1.35 billion, while imports from Azerbaijan amounted to $1.34 billion.

"Our trade turnover is balanced. However, I believe that we will be able to expand trade ties. For this reason, I attach great importance to the agreement on preferential trade, the negotiations on signing of which we are holding today with Azerbaijan," the minister said.

In October 2017, during the visit of Turkish President Recep Tayyip Erdogan to Baku, the two countries signed a Memorandum of understanding on signing a preferential trade agreement.

The agreement provides for the introduction of a zero rate of customs duty on mutual supplies of goods between Turkey and Azerbaijan. In October last year, Turkey also exempted goods supplied from the Nakhchivan Autonomous Republic from duties. The list had 43 titles of products (13 agricultural and 30 industrial).

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