Baku, February 22, 2024 – A new era of economic cooperation between Türkiye and Azerbaijan is underway, solidified today with the signing of the 12th Term Joint Economic Commission (KEK) protocol and 110 accompanying Action Plans. This agreement underscores a deepening alliance aimed at bolstering both nations’ economies and expanding influence across the Turkic world.
Strengthening Ties: A Vision Beyond Pipelines
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The agreement builds on a “two states, one nation” philosophy, aiming for joint projects and increased trade between Türkiye and Azerbaijan.
- The KEK Protocol outlines 110 specific actions to enhance economic collaboration.
- Trade volume between the two countries reached a record $8 billion last year, with a medium-term goal of $15 billion.
- Investments from Türkiye in Azerbaijan, including those routed through third countries, total $18 billion, while Azerbaijani investments in Türkiye stand at $21 billion.
- The agreement prioritizes energy diversification, logistics infrastructure, and joint ventures in third-country markets.
- both nations are committed to removing bureaucratic hurdles to facilitate smoother trade and investment.
Vice President Cevdet Yılmaz and Azerbaijani Prime Minister Ali Asadov convened at the Council of Ministers building in Baku for private and inter-delegation meetings before formally signing the protocol.Yılmaz emphasized the enduring bond between the two countries, describing it as an “eternal bond of brotherhood” rooted in shared language, culture, and a collective vision for the future.
The Shusha Declaration, signed by Presidents Recep Tayyip Erdoğan and Ilham Aliyev on June 15, 2021, elevated relations to an alliance level. Yılmaz stated that current cooperative efforts aim to benefit the entire region, fostering stability and prosperity.
The Modern Silk Road and Regional Logistics
Yılmaz emphasized the increasing importance of the “Middle Corridor” – the 21st-century Silk Road – as an East-West trade route through the Caspian.He stated that realizing the potential of this route requires a lasting logistics architecture, positioning Türkiye and Azerbaijan as key players in shaping trade from China to Europe.
The alliance, formalized by the Shusha Declaration, must deepen across all sectors, from economy and industry to education and health, Yılmaz asserted. He highlighted the role of the Turkish Maarif Foundation in strengthening the educational pillar of this deepening relationship, with plans to expand it’s presence in Azerbaijan through new campuses in ganja and Nakhchivan.
“Azerbaijan’s child is our child, its future is our future,” Yılmaz declared, emphasizing the Turkish Maarif Foundation’s commitment to nurturing future generations in both countries.
Looking Ahead: Trade, Investment, and Implementation
Yılmaz noted that 93 of the 120 action items from the previous KEK meeting in 2024 have been completed, achieving a 78 percent success rate. The new 110-item Action Plan covers a broad range of areas, including the potential for a Free Trade Agreement, cooperation on investment and service trade in third countries, integration of Azerbaijan into the New Computerized Transit System, joint industrial training centers, and collaboration in agriculture, health, tourism, banking, and public procurement.
He also highlighted Azerbaijan’s successful hosting of COP29 and expressed Türkiye’s intention to leverage those experiences for COP31, scheduled to be held in Antalya next year.
Minister of Commerce Ömer Bolat and Türkiye’s Ambassador to Baku Birol Akgün were also present at the meeting.
