"Despite there is a decrease in trade turnover between the two countries now, there is a great potential for increasing it," he said. "The agreement on economic cooperation, the agreement on eliminating double taxation and the agreement on mutual protection of investments signed between the countries facilitate to it."
Canikli said that the trade turnover between Turkey and Azerbaijan amounted to around $1.6 billion in 2016, while it was $5.1 billion in 2014.
"The trade turnover between Turkey and Azerbaijan increased by 11.4 percent in January-May 2017 compared to the same period of 2016," he said, adding that it testifies to the economic potential of the two countries."
"I am confident that on the basis of the existing potential of the two countries, we will be able to increase the volume of export-import operations in the coming years," Canikli said. "Our goal is to increase the trade turnover volume between our countries up to $15 billion by 2023."
He said that Azerbaijan is also one of the countries where Turkish contracting companies are actively working.
"Until now, Turkish contractors have implemented the projects worth $11.6 billion in Azerbaijan," he said.
Moreover, Turkey is working over a plan to increase trade relations with Azerbaijan’s Nakhchivan Autonomous Republic.
"As part of expanding trade with Nakhchivan, the delegation of the Turkish Economy Ministry visited Azerbaijan in June 2017," Canikli said.
He added that during the meetings, Turkey's intention of supporting the export of Nakhchivan’s products to its territory was discussed.
"Currently, the creation of a free trade zone with Nakhchivan is being discussed and the necessary infrastructure has already been created," Turkish Economy Minister Nihat Zeybekci told Trend earlier.
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