Azernews.Az

The first meeting of the Intergovernmental commission on economic cooperation between Azerbaijan and the United Kingdom of Great Britain and Northern Ireland will be held on February 10-11, 2016 in London.

Azerbaijan’s Economy Minister Shahin Mustafayev announced about this at the meeting with the UK Ambassador to Azerbaijan Irfan Siddiq, the Economy Ministry reported.

The reform program of the Azerbaijani government was introduced and the possibilities of cooperation with the UK in this area, as well as the prospects of expansion of the cooperation and existing economic ties between Azerbaijan and the UK were discussed during the meeting.

The trade turnover between Azerbaijan and the UK decreased twofold, amounting to $472.07 million in January-November 2015, according to the Azerbaijani State Customs Committee

Azerbaijan and the UK have benefitted from close bilateral partnership and cooperation since 1992, in the framework of international organizations such as the United Nations, OSCE, Council of Europe, and NATO. The relations have covered a wide range of issues, from high-level political dialogue to growing trade and investment, as well as strengthening cultural and humanitarian ties.

Economic cooperation between the two countries, especially in the energy sector, is at the core of the relations between Azerbaijan and the UK. The UK is the largest foreign direct investor in Azerbaijan, followed by the U.S. and Japan.

Azerbaijan cooperates with the UK in the exploration and transportation of oil and natural gas from the Azerbaijani part of the Caspian Sea.

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