By Azernews

By Ayya Lmahamad

Azerbaijan and Mongolia have signed an agreement on trade and economic cooperation.

The document was signed by Azerbaijani Economy Minister Mikayil Jabbarov and Mongolian Foreign Minister Battsetseg Batmunkh on October 21.

The document aims to improve the legal framework for bilateral economic cooperation, expand ties in various economic sectors, including industry, energy, agriculture, trade, investment, transport and transit, tourism, etc. The agreement also envisages exploring new opportunities for cooperation.

Jabbarov briefed about the development of Azerbaijani-Mongolian political and economic relations, noting the special role of summit meetings in the partnership development.

The minister spoke about the reforms carried out in Azerbaijan, the favorable business and investment climate, and the work done to reintegrate the liberated territories into the country's economy by attracting local and foreign investment.

Moreover, he spoke about Azerbaijan's national priorities of socio-economic development of the country until 2030 and invited Mongolian companies to participate in the projects being implemented in Azerbaijan. Jabbarov also stressed the importance of expanding ties between businessmen.

In turn, Batmunkh stressed Mongolia's interest in expanding relations with Azerbaijan and shared views on economic cooperation development.

The parties expressed confidence that the agreement signed today will contribute to strengthening mutual trade and investment relations.