Recent joint effective efforts made by Azerbaijan and the UAE have noticeably intensified and diversified cooperation between the countries and leveled it up.
The UAE Embassy in Baku told Trend that after its establishment in 2011, the relations between the United Arab Emirates and Azerbaijan became more collaborative.
Taking into consideration that Azerbaijan exports fruits, juices, nuts, food and metal products to the UAE, and in turn, the UAE exports electronics, high technology products, building materials and industrial goods to Azerbaijan, it becomes evident that the cooperation has developed at a stable pace.
Additionally, polyethylene polymers, furniture, and car parts are also among the UAE exports to Azerbaijan.
The United Arab Emirates and Azerbaijan have established the Intergovernmental Joint Economic Committee which aims to improve the economic cooperation between the two countries by enhancing trade and investment at the bilateral level and exploring new initiatives for bilateral investments and joint projects in the future.
The UAE embassy noted that the official visits and meetings between the two countries will open discussions on economic cooperation and building future cooperation in nine crucial sectors throughout these years: agriculture, renewable energy, tourism, the environment, irrigation, communications, modern technology and air transport.
It is noteworthy that both countries have actively worked on creation of the trade and investment opportunities at the bilateral level to enhance the cooperation among businesses.
It should be stressed that one of the most important meetings between the governments was held in April 2017 within the framework of the sixth session of the UAE-Azerbaijan Joint Economic Committee.
An important agreement was reached in 2016 between the DP World Company, the Ministry of Economy of Azerbaijan and the Port of Baku. The document aimed to establish the Alat Free Trade Zone in Azerbaijan. This cooperation is considered to be one of the most successful projects between the UAE and Azerbaijan, noted the embassy.
Another milestone of the cooperation between the UAE and Azerbaijan is the opening of the first overseas office of Dubai Chamber of Commerce and Industry in the capital of Azerbaijan. Thus, Baku directly supports the economic growth in both of the countries and at the same time strengthens the bilateral relations.
The embassy said that Azerbaijan kept on building business relations specifically with the cities of the UAE. One of the examples is the visit by the economic delegation from Azerbaijan to the Sharjah Chamber of Commerce and Industry. During the visit there were discussions on improvement of the bilateral cooperation for the benefit of both countries with specific local focus on Sharjah city of the UAE.
Both countries are working to strengthen the bilateral cooperation. In January 2019, Azerbaijan’s Trade House was opened in Dubai. The trade house has the role of providing detailed information about Azerbaijan on various sectors.
Based on estimations, the opening of the trade house will raise the exports of non-oil goods to the UAE. The office will promote Azerbaijani goods and have the aim to increase the bilateral trade between the UAE and Azerbaijan.
“The trade house is equipped with more than 600 goods and products from Azerbaijan. The numbers also confirm the great bilateral relations as the trade turnover has increased for 50.8 percent in 2018 in comparison with 2017," said the embassy's message.
The diplomatic relations between Azerbaijan and the UAE were established in 1992. The two countries enjoy good opportunities for mutual investments, joint implementation of various projects, including agricultural sector, as well as for the creation of joint ventures, especially in tourism sector.
Generally, the trade turnover between Azerbaijan and the UAE amounted to $54 million in 2018. The UAE exported goods worth $32 million to Azerbaijan, while Azerbaijani exports to the UAE reached $22 million.
Mirsaid Ibrahimzade is AzerNews’ staff journalist, follow him on Twitter: @MirsaidIbrahim1
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