Turkey cre­ates free zone with Nakhchivan

Azer News - - Business - By Amina Nazarli

urkey is cre­at­ing a free trade zone with Azer­bai­jan's Nakhchivan, said Ni­hat Zey­bekci, the Turk­ish Econ­omy Min­is­ter.

Zey­bekci, talk­ing to the Mil­liyet news­pa­per, said that the nec­es­sary in­fra­struc­ture has al­ready been cre­ated in this re­gard.

“Rep­re­sen­ta­tives of the Turk­ish Min­istry of Econ­omy are al­ready sta­tioned in Nakhchivan," he added. “Trade with Nakhchivan will not dif­fer from trade with Turk­ish cities. The op­er­a­tions will be im­ple­mented in the Turk­ish lira.”

Re­cently the two sides reached an agree­ment which en­vis­ages Turkey’s sup­port to im­port­ing from Nakhchivan.

The agree­ment was dis­cussed at a meet­ing of Econ­omy Min­is­ter Shahin Mustafayev with the Turk­ish del­e­ga­tion.

The Turk­ish side ex­pressed a will to sup­port the ex­pan­sion of ex­ports of Nakhchivan’s prod­ucts to Turkey, noted sys­tem­atic work with en­trepreneurs and rel­e­vant au­thor­i­ties in this di­rec­tion and in­formed of the in­ter­est of Turk­ish en­trepreneurs in in­vest­ing in Nakhchivan.

Nakhchivan Au­ton­o­mous Repub­lic, which is a land­locked ex­clave of Azer­bai­jan bor­ders with three coun­tries in­clud­ing Turkey, Iran and Ar­me­nia.

To­day, Nakhchivan re­tains its au­ton­omy as the Nakhchivan Au­ton­o­mous Repub­lic and is in­ter­na­tion­ally rec­og­nized as a con­stituent part of Azer­bai­jan gov­erned by its own elected leg­isla­tive as­sem­bly.

The trade turnover be­tween Azer­bai­jan and Turkey in­creased by 88 per­cent in the first four months of 2017, as com­pared to the same pe­riod of the pre­vi­ous year, In par­tic­u­lar, the ex­ports in­creased four times and im­ports - by 18 per­cent.

Trade turnover be­tween the two amounted to al­most $553 mil­lion in the first quar­ter of 2017, $308.7 mil­lion of which was ex­ported to this coun­try, ac­cord­ing to Azer­bai­jan’s State Cus­toms Com­mit­tee.

Turkey was the first state to rec­og­nize Azer­bai­jan's in­de­pen­dence in 1991 and has been a staunch sup­porter of Azer­bai­jan in its ef­forts to con­sol­i­date its in­de­pen­dence, pre­serve its ter­ri­to­rial in­tegrity and re­al­ize its eco­nomic po­ten­tial aris­ing from the rich nat­u­ral re­sources of the Caspian Sea.

The con­trac­tual base of bi­lat­eral Turk­ish-Azer­bai­jani trade and eco­nomic re­la­tions in­cludes more than 40 doc­u­ments aimed at ex­pand­ing eco­nomic co­op­er­a­tion be­tween states.

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