European Union hopes to conclude agreement with Azerbaijan and Turkmenistan on the legal basis of the trans-Caspian gas pipeline, read the materials of the discussions of Foreign Ministers of 27 EU member-states at the meeting in Luxembourg on June 25, 2012.
"EU intends to conclude the agreement on the legal basis of the trans-Caspian gas pipeline with Azerbaijan and Turkmenistan, which will contribute to opening of the European Southern Gas Corridor via which it is planned to carry natural gas from the Caspian region to Europe," says the press release.
Russia and Iran believe that the issue of the pipeline laying via the Caspian Sea bottom should be solved with consent of all Caspian basin states. Azerbaijan, Kazakhstan and Turkmenistan believe that this issue could be solved by two contracting parties, but not all five littoral states.
Yurii Ushakov, Assistant of Russian President, said that Vladimir Putin said at the summit Russia-EU in early June that any decisions on the Caspian issues made without consensus would be considered illegitimate by Russia.-0---
Economics
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Azerbaijan's tourism industry has shown marked signs of recovery and growth in the first nine months of 2024, underscoring the sector's resilience and adaptability in the post-pandemic landscape. As of September 2024, nearly 2.086 million foreign tourists visited Azerbaijan, a robust increase of 30.2% compared to the same period in 2022. The country witnessed a particularly strong performance in July 2024, with 271,591 tourists—a 21% rise from July last year.
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Freight traffic along the Trans-Caspian International Transport Route has shown a remarkable increase in the first nine months of 2024, bolstered by a concerted push from participating countries to enhance their transport corridors and logistical frameworks. The strategic corridor, which links Asia and Europe via the Caspian Sea, has seen cargo volumes surge by 2.7 times compared to the same period in 2022, highlighting its growing significance as a viable alternative to traditional trade routes.
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In September 2024, the prices of building materials in Baku increased by an average of 0.9% compared to the previous month, reflecting a stable yet slightly inflationary trend in the construction sector. This trend has been driven by a mix of local demand factors and fluctuations in import prices, particularly for materials such as timber and rebar.
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The British Islamic Trade Association and the Association of Food and Beverage Producers of Azerbaijan signed a Memorandum of Understanding (MoU) during the first Azerbaijan Halal Business and Tourism Forum (AZHAB Forum), held in Baku on October 8-9, 2024.
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