Azernews.Az

An Azerbaijani delegation will leave for Belgium on August 29 to discuss the prospects for cooperation and participation in joint projects with the European Union (EU) and European Investment Bank (EIB), the Azerbaijani Economic Development Ministry reported.

The delegation will be headed by Economic Development Minister and Chairman of the State Commission for European Integration, Shahin Mustafayev.

The delegation will meet with the vice-president of the European Commission and Commissioner for Transport Slim Kallas, Commissioner for Enlargement and European Neighbourhood Policy Stefan Fule and EIB Vice-President Wilhelm Molterer.

The EU is Azerbaijan's main foreign trade partner. The share of foreign trade operations between Azerbaijan and EU exceeded 41 per cent of the country's total volume of turnover last year and this figure amounted to 43.7 per cent in the first six months of 2013.

The share of investments by EU countries in the fixed capital and in Azerbaijan's oil sector amounted to 51 per cent and 36.5 per cent respectively in the total volume of the country's foreign investments in recent 10 years.

To date, Azerbaijan signed an agreement on cancelling double taxation with 20 EU member states and agreement on the mutual protection of investments with 17 countries. In addition, a joint intergovernmental commission was created with 13 countries.