Turkey and Azerbaijan signed the 12th Joint Economic Commission (JEC) protocol and a 110-point action plan covering sectors from trade to energy during meetings in Baku, Anadolu Agency reported on December 22.

The new 110-point action plan includes exploring free trade agreement possibilities, establishing cooperation in third countries for investment and service trade, creating a joint working group for Azerbaijan's integration into the New Computerised Transit System, and establishing joint industrial training centres. The plan also covers agriculture cooperation agreements, development of oil and natural gas project collaboration, and experience-sharing programmes spanning healthcare, tourism, banking and public procurement.

Turkish Vice President Cevdet Yilmaz and Azerbaijani Prime Minister Ali Asadov conducted bilateral and delegation meetings at the Cabinet of Ministers building in Baku before chairing the 12th JEC session.

Yilmaz stated that Turkish investments in Azerbaijan have reached $18bn when third-country investments are included, whilst Azerbaijani investments in Turkey have reached $21bn. Bilateral trade volume hit a record $8bn last year, with both countries targeting $15bn as a medium-term objective.

The vice president emphasised that the Middle Corridor, described as the 21st century Silk Road, has gained unprecedented importance. He stressed the need to transform potential into sustainable logistics architecture, noting that projects including the Baku-Tbilisi-Ceyhan and Baku-Tbilisi-Erzurum pipelines have become cornerstones of European energy security through TANAP.

Yilmaz announced that 93 of 120 action items from the 11th JEC meeting in 2024 have been completed, achieving a 78% implementation rate.

Yilmaz highlighted that Turkey Maarif Foundation plans to expand its operations in Azerbaijan by establishing new campuses in Ganja and Nakhchivan. He referenced the Shusha Declaration signed by President Recep Tayyip Erdogan and Azerbaijani President Ilham Aliyev on June 15, 2021, which elevated relations to alliance level.

The vice president noted that Turkey will benefit from Azerbaijan's experience in hosting COP29 when Antalya hosts COP31 next year.

Trade Minister Omer Bolat stated the 110-point action plan establishes a bilateral trade and economic roadmap across multiple sectors, reinforcing the commitment to reach the $15bn trade volume target set by both presidents.