Decree Signed on Appointing Trade Representatives of Azerbaijan
President Ilham Aliyev on January 26 signed a decree "On the appointment of trade representatives in the embassies and consulates of the Republic of Azerbaijan in foreign countries."
The status of trade representative is established in order to better protect and represent the trade and economic interests of Azerbaijan and local exporters, and the expansion of the national products in foreign markets.
The Minister of Economy is entrusted in agreement with the Head of State to appoint trade representatives in the embassies and consulates of the Republic of Azerbaijan in foreign countries.
Trade representatives are assigned to take measures to expand trade and economic relations of Azerbaijan with the host country, increase the export of Azerbaijani goods and services, and promote business environment and investment opportunities of Azerbaijan.
Trade representatives, according to the decree, shall function as part of the embassies and consulates, to which they are assigned.
Trade representatives are personally responsible for the performance of tasks entrusted to them and report to the Minister of Economy of the Republic of Azerbaijan.
Trade representatives in the consulates report to the trade representative in the embassy of Azerbaijan in this sphere.
Trade representatives will be awarded a diplomatic rank of Envoy Extraordinary and Plenipotentiary of the second class. -06D--
Economics
-
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.
-
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.
-
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.
-
"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.
Leave a review