Economic and trade procedures between UAE and Azerbaijan

At the end of the sixth session of the Joint Economic Commission, UAE and Azerbaijan announced new economic and trade procedures to develop relations between the two countries. These procedures include cooperation in 9 main fields, considering the establishment of a logistic center in UAE for fruits and vegetables, and exchanging experience between the two countries’ space agencies.

They confirmed in a statement that, the joint commission had achieved great results in the last 8 years, despite the economic challenges. The sixth session ended yesterday in Abu Dhabi, and it was headed by UAE economic minister, Sultan bin Saeed Al Mansouri, and Azerbaijan’s economic minister, Shaheen Mustafayev, along with some high ranked officials, government and sectors’ representatives. The commission meeting focused on strengthen cooperation, by focusing on Agriculture, industry, renewable energy, tourism, environment and water, telecommunications and modern technology, and air transport sectors, along with developing economic and investment exchange, and holding a UAE – Azeri investment forum.

The meeting discussed number of joint projects in Logistics, Free Zones and Pharmaceutical Industries fields, and establishing the Free Trade Area “Mechanisms” in Azerbaijan, which is considered prominent successes of the commission.

Al Mansouri confirmed that, the commission will achieve its goals by finding the best programs and mechanisms to develop joint cooperation, and establishing solid basis that will ensure the continuation of this relation in different fields.

He said that, the volume of non-oil foreign trade between the two countries reached 605 million dollar in 2015, while in the last 9 months it reached 228 million dollar, adding that, UAE considers Azerbaijan as an important economic partner, and there will be cooperation in the future in agriculture, trade, industry, tourism, renewable energy, communications and technology.
 
Mustafayev confirmed that his country is interested in strengthen cooperation with UAE in all fields, especially in the Emirati economic diversification policies, adding that Azerbaijan economy still depends on oil on a large scale, which contributes with 70% of the gross domestic production, praising UAE achievements in this fields and looking forward to exchange expertise.

He added that, total volume of UAE investments in the Azeri market reached 800 million dollar, while the Azeri investments in UAE reached 300 million dollar, with total volume of billion dollar, and there are discussions to appoint an Azeri trade representative in the UAE in the future, as attempt to deepen the economic cooperation between the two countries.