Economic cooperation between Azerbaijan and the United States

Economic area is one of the main component of bilaterial relationship. Azerbaijan is the largest trade partner of the United States in the South Caucasus. Two counties signed important trade and investment deals, including Trade Relations Agreement, Bilateral Investment Treaty and Open Skies Agreement.

 

Azerbaijan and U.S. trade turnover

(mln. $)

Year

Import

Export

Total trade turnover

2011

630,46

1804,64

2435,10

2012

715,66

1600,83

2316,49

2013

376,49

990,28

1.366,77

2014

563,42

745,83

1309,25

2015

847,39

337,70

1.185,09

2016

471,58

80,65

552,23

2016 (January-March)

73,82

0,89

74,71

(AR State Customs Committee)

 

According to the Ministry of Economy of Azerbaijan, the share of the United States in the total volume of FDI to the non-oil sector of Azerbaijan’s economy was 10,6% as of 2015 and the United States was third in the raw. Up to now more than 200 American companies were registed in Azerbaijan. The State Oil Fund of Azerbaijan has invested approximately $6,5 billion in the United States.

 

The United States-Azerbaijan Economic Partnership Commission was established on February 7, 2007. Minister of Finance of Azerbaijan and the U.S. Assistant Secretary of State for Economic and Business Affairs are co-chairs. So far the commission held three meetings (07.02.2007 in Baku, 17.11.2008 and 18.04.2012 in Washington D.C.).

 

The United States-Azerbaijan Chamber of Commerce (USACC) has been working in Washington D.C. since 1995 and American Chamber of Commerce in Azerbaijan (AmCham) has been working in Baku since 1996. Moreover, CJSC “Azerbaijan Airlines” flights between Baku and New York, and Azerbaijan's Silk Way Airlines” operates direct cargo flights between Baku and New York, as well as between Baku and Chicago. 

Last update: June 20, 2017

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