Why Azerbaijan needs a Strategic Reform of its foreign policy towards the European Union?
Carrion, Cristina Juan | April 2016
During the course of 2015 Azerbaijan suffered the impact of two devaluations of the national currency, Azerbaijani Manat (AZN), due to the decrease of the world oil prices. Given that oil and natural gas accounts for more than 90% of Azerbaijani exports, continued low world oil prices had a critical negative impact on the Azerbaijani economy. The current situation has led Azerbaijan to establish new priorities that could help restructure the financial system at this critical moment. The drastic change in the economic outlook of the country has created the need to open a wider window to the European Union (EU) in order to overcome the current economic downturn. The bilateral relations between Azerbaijan towards the EU have not reached fully its potential, if we compare it with other countries that have the same profile. A possible geopolitical change of Azerbaijan towards the European Union could be the first step to a transformation in the structure of the country and an improvement in the sectors of energy, trade, migration, tourism and agriculture. From years past to currently, the EU has been the main trading partner of Azerbaijan and one of the main investors in the country. Current trade relations mean an open path for both sides to create stronger ties of collaboration that could renovate and stimulate the very needy diversification of the Azerbaijani economy; as well as the improvement of the rule of law, governance, mobility and quality standards.
CitationCarrion, Cristina Juan. 2016. Why Azerbaijan needs a Strategic Reform of its foreign policy towards the European Union?. © Center for Economic and Social Development. http://hdl.handle.net/11540/7073. License: CC BY 3.0 IGO.
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