THE BUSINESS OF INTERNATIONAL TRADE
The EU supports closer trade and economic integration with Azerbaijan through the European Neighbourhood Policy (ENP) and its Eastern Partnership policy, and this August the EU Commission said that a meaningful trade agreement could further increase economic ties. The agreement, launched in 2017, would also aim at boosting the country’s efforts to diversify its economy and attract more foreign investment in non-energy sectors, and will when finalised replace the existing Partnership and Cooperation Agreement that dates from 1999. Though trade between the EU and Azerbaijan has been negatively affected by the COVID-19 pandemic, with bilateral trade falling by 36% in 2020 the structure of trade remained the same with the EU importing mainly oil and gas from Azerbaijan. In addition, Azerbaijan’s ongoing efforts to accede to the World Trade Organization (WTO) will also contribute to closer relationships with the EU and other WTO member countries.
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