- UAE-Azerbaijan Joint Economic Committee to hold sixth session in Abu Dhabi next week
The sixth session of the Joint Governmental Committee for Economic, Commercial and Technical Cooperation will be held on April 20, 2017 in Abu Dhabi under the chairmanship of H.E. Sultan bin Saeed Al Mansoori, Minister of Economy, and H.E. Shaheen Mustafa Ayev, Minister of Economic Development of Azerbaijan.
A number of senior government officials, representatives of the business community and the private sector of the two countries will participate in the committee’s work.
The Joint Economic Committee will be looking at ways of strengthening the economic cooperation between the two countries, stimulating bilateral trade and investment developments, and strengthening bilateral relations, especially in the areas of industry, culture and tourism, agriculture, energy, renewable energy, environment, natural resources, water management, and modern communications technology. It will also explore opportunities for joint investments and reinforce the two countries’ business ties and cooperation.
H.E. Al Mansoori said that the committee’s series of meetings are an opportunity to strengthen the economic cooperation and increase trade and investment volume between the two countries according to the vision of their respective leaders.
He pointed out that the volume of non-oil trade between the two countries reached USD 605 million by the end of 2015, including trade through free zones. “Despite its importance, it still does not reflect the opportunities and possibilities available in both countries. Therefore, we must work together to explore new opportunities and promising sectors to increase this figure.”
The Minister added: “Despite the remarkable progress in our bilateral relations, we are convinced that our trade exchange and joint investment can still be improved further according to the respective aspirations of our countries.”
H.E. also highlighted the important role played by the private sector and the business community in enhancing bilateral trade and investment cooperation. Numerous investment opportunities and profitable partnerships across different sectors are available in both countries, which, if fully tapped, can boost permanent economic development and sustainability.
The Minister noted that both sides’ eagerness to participate in the meetings of the Joint Economic Committee reflects the common will to push forward their bilateral relations and lay the foundation for stronger economic, trade and technical cooperation. It also illustrates their willingness to develop appropriate frameworks and follow-up mechanisms.
The Minister emphasized that the committee’s tasks cover many important themes, including increased trade volume and stronger private investment cooperation that will ensure the development process of the two countries.
The bilateral economic relations between the UAE and Azerbaijan have seen a significant development over recent years in light of their respective economic growth and common desire to strengthen their relations across various fields. The most important commodities exported by the UAE to Azerbaijan are polyethylene polymers, furniture, and its parts, among others. The re-exported goods to Azerbaijan include car parts and accessories, electrical appliances, telephones, and wireless devices. The UAE imports leathers, metals, weaving, and food and juices from Azerbaijan.