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Türkiye wished to conclude a free trade agreement with Azerbaijan, and discussions between the two sides are ongoing with officials and sector representatives, Turkish Trade Minister Omer Bolat said on Tuesday.
Speaking to reporters at the 2nd Türkiye–Azerbaijan Investment Forum in Baku, Bolat said Türkiye and Azerbaijan were "running at full strength toward much higher goals in economy and trade," noting that the preferential trade agreement that entered into force in 2021 had produced positive outcomes.
"Technical teams of both governments are meeting, and they are conducting analysis and evaluation work. We hope in time we will also achieve this," he said.
Speaking at the event, Azerbaijani Prime Minister Ali Asadov said expanding economic and trade ties with Türkiye was among Azerbaijan’s priorities. "We are committed to maintaining steady mutual investments," he said. Asadov also pointed to economic reforms, reconstruction projects in Karabakh and activity in free trade zones, calling on Turkish businesses to take a more active role in Azerbaijan.
Turkish Vice President Cevdet Yilmaz pointed out that direct investments from Türkiye in Azerbaijan had reached about $18 billion, while Azerbaijani investments in Türkiye were approaching $21 billion, highlighting that stronger mutual investment provided a more stable foundation for growing trade.
"Please invest more and strengthen cooperation," Yilmaz called on businesspeople of both sides, urging them to increase their activities not only in Türkiye and Azerbaijan but also in third countries by developing joint projects.
The vice president said Türkiye was closely following Azerbaijan’s move toward renewable energy and its efforts to diversify beyond fossil fuels. He noted that global reliance on fossil fuels was set to decrease and that energy policies would adjust in line with this trend. Yilmaz added that Türkiye was ready to cooperate on renewable energy investments and the broader energy transition, stressing that the successful continuation of this shift was relevant for regional energy security.
Yilmaz also noted that the opening of the Zangezur Corridor would enhance the competitiveness of the Middle Corridor, a transport route running through the South Caucasus.
In a parallel move to expand their partnership, Türkiye and Azerbaijan signed the 12th Joint Economic Commission (JEC) protocol on Monday, which outlines a 110-point action plan covering areas including energy, trade, investments and tourism toward a bilateral trade volume of $15 billion.
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