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Azerbaijan, Austria to eye prospects of trade and economic cooperation

10 July 2017 [13:40] - TODAY.AZ

By Azernews

By Sara Israfilbayova

Azerbaijan and Austria will consider prospects for the development of economic cooperation during the next meeting of the intergovernmental commission on trade and economic, scientific and technical cooperation to be held in Vienna in early October.

Azerbaijan is Austria's most important partner in the South Caucasus, as evidenced by the opening of the embassy in Baku in 2010, Azerbaijani Ambassador to Austria Galib Israfilov told Trend.

"Economic relations between the two countries are regulated by the activity of the intergovernmental commission on trade and economic, scientific and technical cooperation,” the envoy said.  

The last meeting of the commission, which takes place every two years, was held in Baku in 2015. This year it is planned to hold a regular meeting.  The Azerbaijani commission is headed by Minister of Transport, Communications and High Technologies Ramin Guluzade, the Austrian-by Deputy Federal Minister of Science, Research and Economy of Austria on Foreign Economic Policy and European Integration, Bernadette Marianne Gierlinger.

Israfilov stressed that at the moment, about 40 bilateral documents have been signed between the two countries in various spheres, such as economy, education, culture, science, agriculture, etc.

The envoy further mentioned that Austria is a member of the European Union (EU) and many bilateral documents between Azerbaijan and Austria coincide with documents that are agreed between Azerbaijan and the EU at bilateral level. He added that in order to sign new documents, first of all, it is necessary to determine the interests of the parties, meet the goals and tasks.

Austria recognized Azerbaijan's independence on January 15, 1992. Diplomatic relations were established later, on February 20, 1992.

The Azerbaijani Embassy in Austria opened on September 1, 1995 and began functioning in 1998.

The economic ties between Austria and Azerbaijan cover, in the main, the spheres of economy, agriculture and technology. There is a strong activity between the two states in the energy sector.

The trade turnover between Azerbaijan and Austria amounted to $59.9 million in January-May 2017, according to the State Customs Committee of Azerbaijan, as compared to the same period of 2016 the trade turnover increased by $3.4 million, or 6 percent.


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