Azerbaijan Latvia Sign Protocol on Results of Economic Commission Meeting

Business Materials 2 March 2007 13:23 (UTC +04:00)
Azerbaijan   Latvia Sign Protocol on Results of Economic Commission Meeting

Azerbaijan, Baku /corr. Trend I.Khalilova / The ceremonial signing of a protocol on the results of the first meeting of the Azerbaijan-Latvian commission on economic, scientific-technical and culture co-operation was held in Baku on 2 March.

The document was signed by the co-chairs of the commission, the Azerbaijani Minister for Economic Development, Heydar Babayev, and the Latvian Minister for Economy, Yuris Strods.

The protocol envisages the expansion of bilateral co-operation in the economic sector, exchange of experience in the development of entrepreneurship, support to the development of bilateral co-operation between the businessmen, organization of business-forums, exhibitions and fairs. It is planned to expand co-operation in the areas of standardization, metrology, education, tourism, transport and transit operations. Azerbaijan also intends to hold an exchange of experiences with Latvia as part of the process of its entrance into the WTO.

In 2006, goods turnover between the two countries made up $10,222 mln. Both parties noted a tremendous potential and the necessity for more efficient use of these opportunities.

According to the Azerbaijani Minister, the dynamic of growth of goods turnover satisfies both parties. This growth rate was ensured amid intensification of co-operation between the businessmen of the countries. "Our task is to provide maximum backing for this dynamic growth," he emphasized.