Azerbaijan and Spain to ink Memorandum of Understanding on cooperation

The Ministry of Economy of Azerbaijan and the Ministry of Economy, Trade and Business of Spain will sign the Memorandum of Understanding on Strategic Economic Cooperation, Azerbaijani First Deputy Minister of Economy Elnur Aliyev said at the Azerbaijan-Spain business forum held in Baku.

Report quotes Aliyev as saying the memorandum creates a solid foundation for strengthening economic relations between the two countries: "In general, seven documents have been signed between the two countries to date, including the elimination of double taxation. The development of economic relations has always been a priority for our governments."

The deputy minister noted that last year, trade turnover between Azerbaijan and Spain amounted to about $300 million: "Spain is one of the main economic partners of Azerbaijan and the European Union. Although there is an annual decline in trade turnover, we believe that there are ample opportunities for its increase. By addressing existing challenges and exploring new opportunities, we can change this trend and achieve an increase in mutual trade in the future. In this regard, we call on the Spanish Chamber of Commerce to play a more active role in the development of bilateral trade."