Trade talks seen as key to reaching $15bn target, analyst says

Türkiye–Azerbaijan trade and investment talks at the 12th meeting of the Joint Intergovernmental Commission (JIC), held in Baku on 22–23 December, are being framed as a key moment in efforts to expand bilateral economic cooperation.

Speaking to AnewZ, Yashar Sarı, director of the Heydar Aliyev Center for Eurasian Studies in Türkiye, said the talks were aimed at defining concrete steps to reach a $15bn trade volume target set by the presidents of the two countries.

Sarı pointed to the depth of existing economic ties, noting that investment flows run in both directions. 

“Türkiye has investment in Azerbaijan, and the Azerbaijani side has investment in Türkiye. So, they are both, at the trade level and investment level, close, cooperating with each other.”

He highlighted the role of Turkish construction firms: “Turkish construction companies have already completed over 500 projects in Azerbaijan, which is around over $20–21 billion. So, they want to extend this relation.”

Sarı also underlined Azerbaijan’s broader strategic importance, describing it as a key link between Türkiye and the Turkic states of Central Asia, and a central hub for regional connectivity.

He linked the economic dialogue to wider regional peace efforts, pointing to recent steps to facilitate energy and cargo transit.

Sarı said Azerbaijan had permitted the transport of its oil to Armenia and suggested that further measures could follow in 2026, involving both Azerbaijan and Türkiye, to support closer economic relations with Armenia.

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He said the 12th JIC meeting went beyond a routine review of trade figures, reflecting institutionalised cooperation, regional integration and the strategic depth of Türkiye–Azerbaijan relations.

Comission agenda

A protocol and action plan to be signed at the meeting will establish a roadmap for cooperation in trade, energy, transport, healthcare, education and culture.

The programme also includes the second Türkiye–Azerbaijan Investment Forum, aimed at strengthening business engagement and identifying joint investment opportunities.

Participants are expected to include Azerbaijani Prime Minister Ali Asadov and Economy Minister Mikayil Jabbarov.

A separate business meeting under the auspices of the Independent Industrialists and Businessmen’s Association (MUSIAD) is also scheduled.

During his visit, Vice President Yilmaz is due to hold talks with Azerbaijani parliament speaker Sahiba Gafarova.

Partnership history

Türkiye remains one of Azerbaijan’s main trading partners.

In 2024, Turkish exports to Azerbaijan totalled $3.1bn, while imports from Azerbaijan reached $4.8bn.

Turkish investment in Azerbaijan is estimated at $18bn, with Azerbaijani investment in Türkiye at around $21bn. About 7,000 joint Azerbaijani–Turkish companies operate in Azerbaijan, while roughly 3,100 operate in Türkiye.

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