Azerbaijan Reduces External Debt, Focuses on Domestic Borrowing

The foreign, trade, and transport ministers of Azerbaijan, Turkey, and Uzbekistan convened this week in Ankara for their second trilateral meeting, culminating in the signing of the Ankara Declaration—a strategic document aimed at strengthening regional cooperation in economic, energy, and transport sectors.

According to government data, Azerbaijan is experiencing a sharp increase in meat and dairy imports amid a decline in livestock numbers and a surge in feed prices, highlighting the country's difficulties in meeting domestic demand for livestock products.

Azerbaijan's foreign trade turnover fell 6.98% in 2024, with exports dropping sharply while imports surged, raising concerns over the country’s trade balance and currency stability, according to customs data.

In a strategic move to bolster the United Kingdom’s trade and investment presence in Eurasia, the UK government has appointed John Alderdice, an experienced Northern Irish politician and member of the House of Lords, as its new Trade Envoy to Azerbaijan and Central Asia. The announcement, made on January 29, 2025, by the UK Trade Minister, is part of a broader initiative to reinforce the country’s global trade network through a newly formed team of 32 trade envoys.