CESD Research Paper: Why Azerbaijan needs a Strategic Reform of its foreign policy towards the European Union?

CESD Research Paper: Why Azerbaijan needs a Strategic Reform of its foreign policy towards the European Union?

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…

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