Azerbaijan, Estonia to expand cooperation

Business Materials 16 September 2011 12:11
Azerbaijan and Estonia intend to expand cooperation in IT and banking.
Azerbaijan, Estonia to expand cooperation

Azerbaijan, Baku, Sept. 16 / Trend S. Agayeva /

Azerbaijan and Estonia intend to expand cooperation in IT and banking.

"Azerbaijan and Estonia have a promising potential for cooperation in IT, banking, education, and health care," the Azerbaijani Ambassador to Estonia Tofig Zulfugarov told Trend on Thursday by phone from Tallinn.

The priority areas of cooperation between the two countries will be determined by the joint intergovernmental commission on trade-economic cooperation. The commission will be established in the near future, he said.

The planning for establishing the intergovernmental commission on economic co-operation is being carried out. The Estonian side has submitted proposals. I hope that the Azerbaijani side will also prepare its contribution.

In general, the ambassador said that relations between the two countries have great potential.

New opportunities for mutual investment may be determined, the ambassador said.
He said that cooperation in production and processes of agricultural products, the food industry, and other fields remain traditionally perspective.

At present, the volume of trade turnover between the two countries is inadequate.
A diplomat said that the crux is the geographical location of affiliated countries.
"Therefore, I think that special emphasis will be laid on İT, banking, and other sectors of the economy," Zulfugarov said.

The diplomat said that both countries signed two major fundamental documents - an agreement on double taxation avoidance and investment protection to establish good economic relations. Other agreements covering certain areas may be developed if necessity arises.

Activity may be concrete after work of the intergovernmental commission is intensified and will determine the actual directions requiring an additional legal and regulatory base.
The diplomat said that Estonia does not have a tradition of signing a large number of documents.

"The documents aimed at supporting the real causes are signed," he said. "Therefore, I think that these two documents create a good legal base."

The legal nexus between the two countries consists of 15 documents.