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AzerNews - News from Azerbaijan, Business, Energy, Analysis

Duties on goods from Vietnam lead to increase in price of Nike products by at least 10 percent

The decision by US President Donald Trump to impose a 46% tariff on goods from Vietnam will lead to an increase in the cost of products from Nike, the world’s largest sportswear corporation, Azernews reports.

Ministry of China include 11 companies from US in list of unreliable organizations

China has added 11 American technology companies to its export control list, Azernews reports.

Goldman Sachs worsens oil price forecasts for 2025-2026

Analysts at Goldman Sachs Group Inc. have lowered their oil price forecasts for 2025-2026, citing expectations of weaker global demand due to escalating trade wars and increased oil supplies from OPEC+ countries, Azernews reports.

Pezeshkian’s visit to Baku comes at critical time for Azerbaijan-Iran relations

Iranian President Massoud Pezeshkian is set to make his first official visit to Azerbaijan this month, following an agreement reached during a phone conversation with President Ilham Aliyev on March 31. The statement from both sides highlighted a mutual interest in fostering "friendship and brotherhood," but does this visit signal a true shift in Azerbaijani-Iranian relations? Or will it simply be a diplomatic formality without significant breakthroughs?

Uzbekistan plans to meet its obligations to reduce emissions by 35% ahead of schedule

Uzbekistan has pledged to make every effort to fulfill the country's commitment to reduce greenhouse gas emissions by 35% ahead of schedule as part of the Paris Agreement, Azernews reports.

Baku hosts signing ceremony of agreements on three solar energy projects

Agreements on three solar energy projects were signed in Baku as part of the 11th Southern Gas Corridor Advisory Council Ministerial Meeting and the 3rd Green Energy Advisory Council Ministerial Meeting.

11th Southern Gas Corridor Advisory Council Ministerial Meeting and 3rd Green Energy Advisory Council Ministerial Meeting start plenary sessions

The 11th Southern Gas Corridor Advisory Council Ministerial Meeting and the 3rd Green Energy Advisory Council Ministerial Meeting continued with 3 plenary sessions - Ministerial Session, Southern Gas Corridor Session: Progress and Next Steps in Successful Operation and Development of Southern Gas Corridor Plenary Session and Green Energy Projects and Green Energy Corridors Plenary Session.

UK, Poland and Northern Europe want to create joint defense fund

The authorities of the United Kingdom, Poland, and several Nordic countries are in talks about creating a joint fund to finance defense needs, Azernews reports.

China imposes tariffs of 34% on all products from US

Since April 10, Chinese authorities have imposed additional duties of 34% on all products imported from the United States, Azernews reports.

Azerbaijan's butter exports double in early this year

In January–February 2025, Azerbaijan exported $8.2 million worth of butter, Azernews reports, citing the Center for Analysis of Economic Reforms and Communication.

Azerbaijan, Kazakhstan, Uzbekistan to cooperate with ADB and AIIB on Caspian Green Energy Corridor

A signing ceremony of a Memorandum of Understanding between the Ministry of Energy of the Republic of Azerbaijan, the Ministry of Energy of the Republic of Kazakhstan, the Ministry of Energy of the Republic of Uzbekistan and the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB) was held during the 11th Southern Gas Corridor Advisory Council Ministerial Meeting and the 3rd Green Energy Advisory Council Ministerial Meeting in Baku. Representatives of ADB and AIIB joined the energy ministers of Azerbaijan, Kazakhstan, and Uzbekistan in signing the document.

Shaki State Drama Theater stages play about daughter of last Garabagh Khan

The Shaki State Drama Theater has hosted a performance of the play "Khurshidbanu Natavan," presented by the Azerbaijan State Academic National Drama Theater.

Azerbaijan sees 26.2% drop in fast money transfers

In February of this year, banks in Azerbaijan received 111.8 million manats through fast money transfer systems, Azernews reports, citing the Central Bank of Azerbaijan (CBA).

Azerbaijan expands exports of construction materials amid economic diversification efforts

Construction materials and their production can provide a second wind for the diversification of Azerbaijan’s economy and exports. It is one of the few sectors that have outperformed in the post-Soviet period. It is true that the country is not self-sufficient in terms of construction materials. However, the sector is thriving, and the number of manufactured items continues to grow year by year. According to the latest report from the State Statistics Committee, AZN 1.1 billion worth of construction materials were manufactured in Azerbaijan in 2023, ranking the sector fifth after food, oil products, electricity, and chemicals. One might view the figures as meager, but they are substantial in smaller economies like Azerbaijan. Moreover, there is a significant lacuna in the sector, and the country is determined to fill it. Besides, the sector plays a pivotal role in creating jobs for locals and ensuring that foreign exchange (FX) remains within the country.

Interest income of Azerbaijani Banks rises sharply this year

In January–February 2025, banks in Azerbaijan earned ₼ 593.4 million ($349 million) in interest income from loans issued to customers, Azernews reports, citing the Central Bank.