Turkey, Azerbaijan aim $15B trade volume by 2023

Turkey and Azerbaijan set a target of reaching a $15 billion trade volume by 2023, the Turkish vice president said on Thursday.

Speaking at the Turkey-Azerbaijan Business Forum, Fuat Oktay said that apart from the brotherhood between Turkey and Azerbaijan, the two countries are important political and trade partners.

"Our goal is to find new alternatives for our businesspeople in the face of slowing global economic growth due to the pandemic. Moreover, our target is to overcome weak and fragile growth trends with projects to be carried out with you, our precious brothers," Oktay said.

"In this direction, a crucial duty falls upon the businesspeople of our countries to put the current potential into practice," he added.

Pointing out Turkey's economic performance in 2020, the vice president stressed that Turkey and China are the only countries at G20 that may end the year with growth.

In recent months, Turkey received $15 billion foreign portfolio investment from abroad, he added.

Preferential trade deal

Meanwhile, Trade Minister Ruhsar Pekcan stressed the preferential trade deal with Azerbaijan will enter into force as of March 1.

"This is just the beginning. We want it [preferential trade deal] to evolve into a free trade agreement, a target of both sides," Pekcan added.

"Accordingly, in order to achieve the $15B trade target, the two countries' business world must actively work with us," she added.