Azerbaijan, China sign agreement on economic and technological cooperation
Azerbaijan, Baku, July 18 /Trend, N.Ismayilova/
An agreement on economic and technological cooperation between Azerbaijan and China, as well as a protocol were signed as a result of the fourth meeting of the Azerbaijani-Chinese inter-governmental commission on trade-economic cooperation, held July 18 in Baku, the press service of the Cabinet of Ministers said on Monday.
The co-chairs of the inter-governmental commission from Azerbaijan are the Deputy Prime Minister Abid Sharif, China - Deputy Minister of Commerce Chong Shang.
The meeting discussed the expansion of economic relations between the two countries. The trade turnover between the two countries in 2010 increased by 50.57 percent to $926 million as compared with 2009. In 2010, exports from Azerbaijan to China increased 2.6 times, imports of Chinese goods - by 21 percent.
Today, China exports to Azerbaijan mainly electrical equipment, various machinery and vehicles, chemicals and products of textile industry, and from Azerbaijan to China - the oil and oil products, special purpose motors and plants.
July 11, Baku hosted the first meeting of the working group on trade and economic cooperation between Azerbaijan and the Xinjiang Uyghur Autonomous Region, which accounts for one third of total turnover between Azerbaijan and China. This meeting focused on the possibility of creating joint free economic zones between Azerbaijan and China.
The sides also mentioned the importance of regular organization and conduct of trade and economic forums, contributing to the development of bilateral trade. An agreement was reached to conduct detailed negotiations on the promotion of contacts in spheres such as trade, investment, energy, cooperation in agriculture, transport, customs, finance, cultural exchange, tourism, health, and promoting regional cooperation.