(MENAFN- AzerNews) By Sara Israfilbayova
Azerbaijan's Economy Minister Shahin Mustafayev held the meeting with the delegation led by Director General for Mobility and Transportof the European Commission, Henrik Hololei.
Addressing the meeting, Mustafayev stressed that the countries of the European Union (EU) have invested about $15 billion in the Azerbaijani economy since 2012.
The minister said that EU countries account for over 40 percent of Azerbaijan's trade turnover, adding that over 1,400 European companies operate in Azerbaijan.
He went on to say that Azerbaijan has concluded agreements on eliminating double taxation with 24 EU member states, with 17 countries signed documents on investment promotion and mutual protection, with 9 countries - a declaration on strategic partnership, and intergovernmental commissions operate with 16 EU countries.
The minister stressed that Azerbaijan and the EU successfully cooperate in the energy sector, in this regard, the Southern Gas Corridor project has special significance.
During the meeting, the minister said that Azerbaijan and the EU signed the Agreement on Partnership and Cooperation, the Eastern Partnership Initiative, the Visa and Readmission Agreement and the Action Plan within the European Neighborhood Policy.
The meeting also discussed the issue that Azerbaijan can receive benefits while delivering products to the EU countries.
Hololei, in turn, noted the rapid development of Azerbaijan and the successful cooperation of the country with the EU in the energy and transport sectors. He emphasized that reforms carried out in the country fully meet global challenges.
The sides plan to meet in March and discuss such issues as the expansion of cooperation in the field of transport and cargo transportation, the promotion of international transport projects and other issues.
The trade turnover between Azerbaijan and the EU amounted to $9.4 billion in 2017, which is 52.35 percent more than in 2016.
During the reporting period Azerbaijan exported goods in the amount of $7.45 billion to the EU countries.
Azerbaijan is currently part of the European Neighborhood Policy, Eastern Partnership and the Council of Europe, and is a large recipient of aid and infrastructure investment from the EU.
Formal relations with the EU began in 1996 when the EU-Azerbaijan Partnership and Cooperation Agreement (PCA) were signed. This agreement entered into force in 1999.This agreement marked the beginning of a mainly positive relationship between Azerbaijan and the EU, with both sides benefitting from the relationship.
In February 2017 the EU and Azerbaijan launched negotiations on a new agreement that will replace the old one.
The EU's exports to Azerbaijan consist primarily of machinery and transport equipment whereas EU imports from Azerbaijan cover mainly oil and gas (98 percent of total imports).
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