Azerbaijan is ready to negotiate with the EU on the "single common aviation area"
There is a close political dialogue between Baku and Berlin , said Azerbaijani Foreign Minister Elmar Mammadyarov at a meeting with German counterpart Walter Steinmeier.
Successive measures for diversification of Azerbaijan's economy were noted, and the importance of more active involvement of German companies in the country and investment was also noted.
Mammadyarov also pointed out the contribution to Europe's energy pipeline projects TANAP / TAP and the whole of the Southern Gas Corridor. Regarding the relations between Azerbaijan and the EU, Mammadyarov reiterated the intention of Azerbaijan Civil Aviation to resume negotiations with the European Commission on the "single common aviation area".
* In October 2001, the European Commission adopted a proposal for the creation of the Single European Sky "United general aviation area and to create a single regulatory body for air traffic management in the EU, Norway and Switzerland. Negotiations on extending the initiative to the Balkans, the Mediterranean and other countries are ongoing. -06D-
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- Politics
- 30 June 2016 23:27
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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