UAE, Azerbaijan to make joint efforts to counteract world financial crisis

Published on TREND, by N.Ismayilova, 21.12.2009.

The United Arab Emirates (UAE) approves the cooperation with Azerbaijan and joint efforts to deepen and strengthen cooperation between countries to maintain mutual interests, the UAE Minister of Economy Sultan Al Mansouri said at the second session of the intergovernmental commission for economics, trade and technical cooperation between Azerbaijan and the UAE held in Abu Dhabi, Emirates News Agency reported. 

The minister said the events that took place in the global economy after the first meeting of the committee in Baku last year, call on both countries to study the available mechanisms for mutual cooperation to carry out a policy of coordinated actions in all spheres and at all levels to take measures on economic problems and changes made by the global financial crisis.

He said both countries should make efforts to achieve fruitful cooperation in future through establishment of joint ventures, including the signing of the Memorandum of Understanding on Trade-Related Investment and the exchange of experience in agriculture, industry and ICT.

In his speech he also stressed that trade turnover between the two countries in 2008 reached $245 million compared to $200 million in 2004. It points to the five-percent annual growth. The opening of Flydubai in Azerbaijan will increase cooperation between the two countries. The Minister expressed the readiness of the UAE to advance Azerbaijan’s joining the World Trade Organization. (full text).

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