Azerbaijani Economy Minister Mikayil Jabbarov said through Twitter that Azerbaijan and Turkey had amended their Preferential Trade Agreement by signing a Protocol, Azernews reports.
The two nations have collaborated in a variety of economic fields and accomplished major energy and construction projects such as Baku-Tbilisi-Ceyhan, Baku-Tbilisi-Kars, and TANAP.
The Shusha Declaration on Allied Relations, signed by Azerbaijan and Turkey in 2021, focuses on mutual defense cooperation, regional stability, and development via the development of new transport lines.
The two countries hope to increase bilateral commerce to $15 billion by 2023. Total commerce between them was $4.6 billion as of 2021. Turkey is now the second-largest contributor in Azerbaijan, after only the United Kingdom.
In addition, Turkey was among the initial states to demonstrate an interest in helping to restore Azerbaijan's liberated regions.