Mogherini Calls Condition for Azerbaijan’s Closer Economic Integration with EU

The issues of economic cooperation between the EU and Azerbaijan in the context of new realities of low oil prices and slower economic growth in the region has become one of the topics of the talks in Baku on 29 February between the EU High Representative for Foreign Affairs and Security Policy Federica Mogherini and the Foreign Minister of Azerbaijan Elmar Mammadyarov.

In this context, Mogherini said that progress in the negotiations on Azerbaijan's accession to the World Trade Organization (WTO) would create good opportunities for the formation of an open and competitive business climate in Azerbaijan and its greater economic integration with the EU.

However, as noted Mogherini, the sides agreed to strengthen cooperation in the implementation of reforms to diversify the economy.

According to her, Azerbaijan is one of the most important EU trade partners in the region.

The EU for its part is the largest investor in Azerbaijan. However, there is potential for boosting economic cooperation.

Mogherini also emphasized that Baku and Brussels are working on a new comprehensive agreement on strategic partnership. The Azerbaijani side presented the text of the agreement for consideration by Brussels in May 2015 at the Riga summit of Eastern Partnership.

At the same time Baku refused the EU Association Agreement within the framework of Eastern Partnership. -06C--