"In addition to the Preferential Trade Agreement between Azerbaijan and Turkey to facilitate the bilateral trading and accelerate the customs procedures, the two countries reached a deal to establish a facilitated customs corridor. On October 11, 2019, the Trade Minister of Turkey Ruhsar Pekcan and chairman of Azerbaijan's State Customs Service Sefer Mehdiyev signed a Memorandum of Understanding (MoU) on the facilitated customs corridor," Selcuk Akat, chairman of the DEIK Turkey-Azerbaijan Business Council, told Report.
According to him, the two countries also need cooperation in electronic data exchange in customs.
He spoke about the impact of the Agreement on the trade relations between the two countries: "As is known, Turkey is a member of the EU Customs Union. Therefore, it cannot reach a free trade deal with every country. For this reason, the Preferential Trade Agreement is the most comprehensive contract between Azerbaijan and Turkey.
The Agreement is a crucial step to enhance the bilateral trade to $15 billion. That is a political will."
In January-May 2020, the trade turnover between the two countries grew by 16.74% to $2 billion.