Azerbaijan, Latvia ink memo
Azerbaijan and Latvia have inked a memorandum of cooperation in the field of labor, employment and social protection in Baku.
The memorandum was undersigned by Latvian Minister of Welfare Uldis Augulis and Azerbaijan`s Minister of Labor and Social Protection Salim Muslumov.
Speaking prior to the signing ceremony, Muslumov praised Azerbaijani-Latvian ties, also highlighting Azerbaijan`s recent accomplishment amid global economic crisis.
Muslumov said that over the last 12 years Azerbaijan’s GDP increased 3.4 times.
“The non-oil sector accounts for 70 percent of GDP in the country. Unemployment fell to 4.9 percent, and poverty dropped to 5 percent, which is three times lower as compared with global poverty rate,” he added.
Latvian Minister Augulis stressed that Azerbaijan and Latvia should study each other’s experience in the field of labor and social protection.
The minister said the memorandum will give a new impetus to the development of the bilateral relations.
Latvia recognized Azerbaijan’s independence in 1992. Bilateral diplomatic relations between the two countries were established in 1994. The Azerbaijani Embassy in Latvia began to function in 2005, and the Latvian Embassy in Azerbaijan was opened a year later.
Azerbaijan attaches great importance to cooperation with Latvia within regional organizations, including the Union of the Baltic States. This cooperation is important to intensify the process of integration in the Baltic-Black Sea-Caspian region. Latvia considers Azerbaijan to be Europe’s the main source for energy resources in the Black Sea-Caspian region.
The Azerbaijan’s State Customs Committee states that trade turnover between Azerbaijan and Latvia stood at $10.5 million in 2014.
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