The UAE and Azerbaijan agreed to step up bilateral economic partnership in a range of sectors, including SMEs, new economy, tourism, aviation and renewable energy.
Both countries also agreed to establish joint work teams consisting of members from relevant entities from both sides to explore further opportunities for economic collaboration in priority sectors at both government and private sector levels.
The decisions, arrived at during the ninth session of the UAE-Azerbaijan Joint Intergovernmental Commission (JIC) for Economic, Trade and Technical Cooperation, held in the Azerbaijani city of Shusha, also include providing comprehensive support for exporters and importers to facilitate and enhance the exchange of goods and services, as well as to diversify them.
The meeting was chaired by Abdullah bin Touq Al Marri, Minister of Economy; and his Azerbaijani counterpart Mikayil Jabbarov.
The agreements to further strengthen bilateral trade ties are particularly significant given that the UAE serves as a vital trade gateway, facilitating the movement of Azerbaijani exports to regional markets.
The meeting also explored promising investment opportunities in the food and manufacturing industries and sought to create new communication channels between the two business communities.
The two sides also explored the potential for implementing tailored programmes and initiatives to boost the growth of startups in both markets.
Both countries also agreed on the importance of motivating SME owners and entrepreneurs to invest in new economy sectors, thereby increasing their contributions to the GDP of both nations.
The UAE and Azerbaijan expressed their interest in organising joint tourism exhibitions, events, and conferences to highlight the key tourism and historical attractions of both countries and to leverage their diverse tourism offerings.
The collaboration is expected to boost tourism inflows from across the globe, particularly given that there are over 185 flights connecting the two destinations every month, operated by the UAE’s national carriers.
Both sides also discussed ways to strengthen collaboration in the areas of digitalisation, innovation, and technology.
The joint council meeting also explored the means to strengthen cooperation in food security and agriculture through increased trade in food products as well as agricultural and livestock goods.
The two sides also reviewed the latest trends in the agricultural sector.
The strengthening of cooperation and investment exchanges in the energy and renewable energy sectors was another major area of focus.
The JIC session further explored prospects for partnerships to launch new projects, particularly in power generation, and for organising workshops for experts from both countries on energy efficiency improvement.
Bin Touq said the latest JIC session was a key milestone in strengthening the economic ties between the UAE and Azerbaijan.
“The meeting discussed several vital economic sectors that have the potential to drive the sustainable development of both economies.
“We are keen to work closely with our Azerbaijani partners to open up new avenues for collaboration and create diverse opportunities in various sectors, thereby supporting the sustainable growth of both economies,” he said.
The UAE is Azerbaijan’s number one trading partner in the Arab world, accounting for 40 percent of its trade with the region.
In 2023, the value of non-oil trade between the two countries surpassed $1.64 billion (AED 6 billion), reflecting an impressive growth of 68 percent compared to that of 2022.
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