In the first quarter of 2007 it is planned to carry out the first meeting of the Azerbaijan-Latvian intergovernmental commission on economic cooperation Baku.
The Azerbaijan Ministry of Economic Development informed Trend on 12 January 2007 that currently the possible directions of cooperation with Latvia are being coordinated between the Ministries and relevant bodies.
The Azerbaijan Minister for Economic Development, Heydar Babayev, is the co-chair of the commission. Another co-chair of the commission on the part of Latvia is still to be defined. Aygar Shtokenbergs, the former Economy Minister, who took this post earlier, is to be replaced by the current Economy Minister, Yuriys Strods.
The meeting will focus on the development of mutual trading and economic issues, as well as cooperation in the sphere of education and tourism.
Goods turnover between the two countries is low and no investments have been raised. Over the 10 month of 2006 the amount of goods turnover between Azerbaijan and Latvia made up $8474,200, whereas in 2005 it reduced to 52% as compared to 2004 and equaled $7mln.
Last year the export between the two countries made up $6830,100, while import was $1644,100.
The import included diesel fuel and petrochemical products, while Latvia exports mainly dairy and pharmaceutical products to Azerbaijan.