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Qabil Ashirov

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Azerbaijan and Uzbekistan have signed a Terms of Reference agreement to establish a joint venture for geological exploration, marking another step forward in expanding economic cooperation between the two countries, AzerNEWS reports.

The announcement was made by Azerbaijan's Minister of Economy, Mikayil Jabbarov, in a post on the social media platform X.

Jabbarov said the agreement was signed during his working visit to Uzbekistan, where he attended the 15th meeting of the Azerbaijan-Uzbekistan Joint Intergovernmental Commission on Cooperation alongside Uzbekistan's Minister of Investments, Industry and Trade, Laziz Kudratov.

According to the minister, the two sides discussed deepening trade and investment partnerships in line with the strategic objectives set by the leaders of both countries. Their talks also focused on creating new production and value chains linking Central Asia and the South Caucasus, strengthening transport and logistics connectivity within the framework of the Middle Corridor, and expanding bilateral investment cooperation.

At the conclusion of the meeting, the parties signed a protocol aimed at enhancing cooperation across a wide range of priority sectors, including trade, energy, transport, agriculture, food security, healthcare, and environmental protection.

In addition, AzerGold CJSC, Uzbekistan's Uzbekgeologorazvedka JSC, and the Azerbaijan-Uzbekistan Investment Company signed a Terms of Reference agreement to establish a trilateral joint venture that will carry out geological exploration projects.