Azernews.Az

BAKU – Azerbaijan and China are considering the possibility of creating joint free trade zones and have launched talks on the issue.

China announced such a proposal at the first meeting of the taskforce on trade and economic cooperation between Azerbaijan and the Xinjiang Uygur Autonomous Region (Xinjiang) of China on Monday in Baku.

"This is a very interesting proposal," Azerbaijani Deputy Economic Development Minister Niyazi Safarov said at the meeting. "Azerbaijan for its part will familiarize China with the rules regarding the free economic zones existing in Azerbaijan."

He said Azerbaijan and China cooperate on a high-level in economic, political and social fields.

The main purpose of the meeting is to deepen these relations not only with China but the entire region, he said.

"Companies with Chinese capital have been established in Azerbaijan. Azerbaijani businessmen are also working successfully in China and have representations of their companies in China," Safarov said.

Safarov said Azerbaijan and China have established ample legal framework for trade and economic cooperation, and one of the objectives of the taskforce’s meeting is to further improve it.

"China-Azerbaijan trade turnover currently amounts to about $1 billion. It covers the energy and non-oil sectors," Safarov said.

Vice-Chairman of Xinjiang Uygur Autonomous Region Hu Wei said that the trade turnover between Azerbaijan and Xinjiang totaled $350 million in 2010 and $100 million in January-May 2011.

"The trade with Xinjiang accounts for a third of the total turnover between Azerbaijan and China. In 2011, trade with Xinjiang will grow at an even faster pace," he added.