PUBLISHED PAPERS #3.04
| Rasul Nazarov The Impact of Trade Relations on the Economy of Azerbaijan |
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| Abstract. This paper examines the changing dynamics of Azerbaijan's international trade and its effects on the national economy. Positioned strategically between Europe and Asia, Azerbaijan has leveraged its energy resources—mainly oil and natural gas—to forge trade relationships with the EU, Türkiye, Russia, China, and the United States. Although oil exports provide substantial revenue, they have resulted in a mono-structural economy that is susceptible to fluctuations in energy prices and the manifestations of Dutch Disease. Through empirical analysis, this study investigates trade patterns, the structure of exports and imports, and Azerbaijan’s involvement in projects such as the Southern Gas Corridor and the Belt and Road Initiative. The findings highlight the critical necessity for export diversification and the development of the non-oil sector to achieve economic stability. The research concludes that a well-defined foreign trade policy, bolstered by infrastructure advancements and international collaboration, is essential for Azerbaijan’s integration into the global economy and its development as a regional trade and energy center. |
| Keywords: Foreign Trade Relations, Azerbaijan Economy, Oil and Gas Exports, Economic Diversification, International Trade Policy, Regional Integration |
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