Israel is among the main trade partners of Azerbaijan. There is a high level of cooperation in the fields of energy, chemical industry, tourism, technical, agriculture and pharmaceuticals.
There are bilaterial agreements for promoting and mutually protecting investments, as well as lifting double income taxation and eliminating tax evasion.
The Joint Commission between the Republic of Azerbaijan and the State of Israel was established in 2017. The first meeting took place on 15th of May 2018 in Jerusalem, the 2nd meeting took place on 28th of April 2021 as a video-conference and the 3rd meeting took place on 19th of April 2023 in Baku.
Azerbaijani exports to Israel equaled to 437 million USD in 2020, 928 million USD in 2021, 1,7 billion USD in 2022, 1,4 billion USD in 2023 and 626 million USD in the first quarter of 2024.
Tourism is among the sectors with highest potential within bilateral trade and economic cooperation. Depending on the season, 3-12 weekly direct passenger flights and 3 weekly cargo flights operate from Baku to Tel Aviv. The number of Israeli tourists that visited Azerbaijan were 47000 in 2019, 6622 in 2021, 23935 in 2022 and 29093 in 2023.
In order to develop trade and economic relations there are also Business Forums that take place within the framework of the Joint Commission meetings between Azerbaijan and Israel.
There are Trade and Tourism Representatives of Azerbaijan in Israel.