Baku, Azerbaijan, Apr.17
By Anakhanum Khidayatova - Trend:
Joint Economic and Trade Commission to be created between Azerbaijan and UK will support the broadening of trade between the two countries on the basis of mutual benefit, UK ambassador to Azerbaijan told Trend Apr.17.
Ambassador Irfan Siddiq reminded that the agreement to form a Joint Economic and Trade Commission between the UK and Azerbaijan was signed on March 2 between the Azerbaijani Minister of Economy and Industry Shahin Mustafayev and Professor Charles Hendry, the prime minister's trade envoy to Azerbaijan.
The agreement should provide an increase in bilateral business,s as well as agree ways to ease market access for companies from both countries, according to Siddiq.
"We are currently working with the Ministry of Economy and Industry of Azerbaijan to agree the priority sectors for the commission and the exact details of how the commission will work," he said.
The ambassador said UK expects there to be government-to-government dialogue at ministerial level, as well as a business-to-business element and hopes the first meeting of the commission will take place in October in London.
There are already over 500 British businesses operating in Azerbaijan, Siddiq said.
"The UK is proud to be the largest foreign investor in Azerbaijan," said the ambassador.
"Azerbaijani government is working to speed up diversification of the economy and become less reliant on the energy sector."
Azerbaijani government's "Development and Investment strategy for 2015 - 2020" presents numerous high value opportunities for British companies, he said.
Siddiq added that the UK is also keen to support Azerbaijani businesses growing internationally, offering an attractive location for those seeking a base in the European Union and to encourage inward investment in the UK.
This agreement is a commitment by both countries to boost bilateral trade and deliver more tangible business results, the UK ambassador said.
Follow the author on Twitter: @Anahanum