The next session of the Austrian-Azerbaijan Joint Commission together with a trade mission is envisaged in the first half of 2020 in Baku, Austria’s Federal Ministry for Digital and Economic Affairs told Trend.
As the ministry said, the Austrian-Azerbaijan Joint Economic Commission is providing a tangible contribution to the promotion of the bilateral economic relations.
"Its main tasks are setting priorities for future cooperation, project-identification and problem solving. To increase synergy, the meetings of the joint commissions are organized back to back with bilateral trade missions and economic forums," said the Federal Ministry.
Regarding the current status of trade, the ministry said that the volume of bilateral trade and investment is well below the current potential but could be improved due to the wide variety of opportunities offered by the Azerbaijani market and the high level of expertise Austrian companies can provide in sectors such as telecommunications, infrastructure, tourism, renewable energies, agriculture (food processing, feed production, breeding facilities) and environmental protection.
"Other opportunities of cooperation exist in the field of transfer of knowledge in various branches of industry (engineering industry, chemical industry, building materials industry, textile industry, automotive industry and food industry)," said Austria’s Federal Ministry for Digital and Economic Affairs.
The volume of bilateral trade between Azerbaijan and Austria stood at $268.1 million as of 2019. The volume of exports from Azerbaijan to Austria stood at $185.7 million, while the imports from Austria amounted to $82.3 million, according to Azerbaijan’s State Customs Committee.
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