BAKU, Azerbaijan, Azerbaijan is a gateway to Eastern Europe and many markets in the region, Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the UAE, said, Trend reports via the UAE media.

According to Al Zeyoudi, the economic and trade relations between the two countries continue to develop, especially in the area of renewable and environmentally friendly energy sources.

The significant rise in the trade turnover comes in light of the increase in investments and overall cooperation, the minister noted, adding that the non-oil trade turnover between Azerbaijan and the UAE has increased three-fold over the last 5 years, totaling $2.77 billion, which is an increase of 270 percent, compared to 2018 levels.

“The non-oil trade turnover between the two countries in 2022 increased by 36 percent year-on-year to $980.2 million. At the same time, $8.8 million accounted for imports from Azerbaijan, $95.8 million – for exports to Azerbaijan, and $953 million – for re-exports,” the minister said.

He added that the UAE’s non-oil exports to Azerbaijan consist of non-crude petroleum oils, tobacco products, automatic spraying devices, pressure-reducing taps and valves, plastic products, various chemical products, gold, perfumes, paper products, aluminum, tea and organic chemical products, while the main import commodities were gold, jewellery, plants, tobacco products, copper wires, copper products, and shell fruit.

Al Zeyoudi noted that the most important re-export commodities were phones, TV screens, cars and their parts, pumps, fans, computers, aircraft parts, aluminum sheets, mineral oils, tires, paper and related products.

Source: TREND News Agency