Trade and economic relations between Bulgaria and Azerbaijan

The purpose of this paper is to analyze the trade and economic relations between Bulgaria and Azerbaijan and identify opportunities for future growth. By investigating the bilateral cooperation dynamics, the study aims to provide insights into how the two countries can enhance their economic ties and promote mutual development. The study utilizes a mixed-methods approach which enables a comprehensive examination of the trade and economic relations between Bulgaria and Azerbaijan, combining quantitative data analysis with qualitative insights. The analysis reveals the current state of the bilateral economic relations between Bulgaria and Azerbaijan, indicating that the trade and investment volume has been relatively low. However, important trade complementarities exist and specific sectors, such as energy, tourism, ICT and agri-food products, show potential for future growth and diversification. This paper contributes to the existing literature by providing a comprehensive analysis of the trade and economic relations between Bulgaria and Azerbaijan. The identification of specific sectors with potential for growth and export intensification adds novelty and practical relevance to the study. The findings offer valuable insights and recommendations for policymakers, researchers, and practitioners seeking to strengthen the bilateral economic ties between Bulgaria and Azerbaijan. This study has limitations, such as its concentration on the years 2012 to 2021 and incomplete data. Future research could expand the temporal scope, integrate additional data sources, and examine the impact of external factors, such as geopolitical dynamics, on Bulgaria-Azerbaijan economic relations