Azernews.Az

By Leman Mammadova

Azerbaijan and Uruguay eye to expand the political dialogue and bilateral cooperation in economic and trade spheres.

The countries signed an intergovernmental agreement on economic, commercial and technical cooperation in Baku on May 2. The document envisages the establishment of a Joint Commission aimed at expanding economic, trade and technical cooperation, organizing cooperation between small and medium-sized companies, encouraging participation in international exhibitions and fairs held in both countries, and organizing exchanges of investment experience.

The agreement was signed by Azerbaijani Economy Minister Shahin Mustafayev and Foreign Affairs Minister of Uruguay Rodolfo Nin Novoa.

At the meeting, the ministers discussed prospects for the development of bilateral economic cooperation. Mustafayev noted that trade relations between two countries are developing, adding that Azerbaijan was among the five largest oil exporting countries to Uruguay in 2018.

At the same time, the minister stressed that there are great opportunities for further expansion of economic ties and noted the importance of establishment of a solid legal framework for this. Organization of mutual visits of delegations of Azerbaijan and Uruguay can be useful in strengthening of economic cooperation and business structures, he added.

The minister invited Uruguayan companies to benefit from the favorable business and investment climate created in Azerbaijan.

Rodolfo Nin Novoa, in turn, also stressed the need to expand bilateral trade and economic cooperation.

The diplomatic relations between Azerbaijan and Uruguay were established in 1995. Last year, the trade turnover between two countries amounted to $81 million, while it was $51,000 in 2017. Both countries are interested in development of cooperation in many spheres.

Recently, Uruguay stressed that it does not recognize the separatist regime established in Nagorno-Karabakh. General Assembly (Parliament) of Uruguay made a press statement, where the General Assembly leadership and the Uruguay Senate once again stated that the country reiterates its position on respect for the supremacy of international law.

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Leman Mammadova is AzerNews’ staff journalist, follow her on Twitter: @leman_888

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