Foreign Economic Relations of Azerbaijan and Turkmenistan in the Days of Independence

Abstract

This study is aimed at examining the foreign economic relations of Azerbaijan and Turkmenistan in the postindependence years. Aim. This study aims to examine the position of Azerbaijan and Turkmenistan in the system of global economic relations and their relation in the days of independence. Tasks. This study analyzes the characteristics of the economies of Azerbaijan and Turkmenistan based on statistical years, performs a comparative analysis of the indicators of openness of an economy, and identifies the corresponding provisions for the organization of international economic relations. Methods. This study uses general methods of scientific cognition to examine the scope and structure of the economic relations of Azerbaijan and Turkmenistan, identifies trends, and determines major directions in their rationalization. Results. The foreign economic relations of Azerbaijan and Turkmenistan are substandard. Despite the fact that in the past 20 years over 40 legal and regulatory documents have been signed between the two countries, the existing mechanism for the regulation and development of foreign trade relations requires significant improvement. Conclusion. The examination of the foreign economic relations of Azerbaijan and Turkmenistan in the post-independence years makes it possible not only to determine the scope and structure of the economic relations of the two countries but also to formulate specific proposals for their rationalization.