European Commission to allocate 13.5 mln EUR to Azerbaijan

Baku. 26 October. REPORT.AZ/ Azerbaijan and the European Commission have signed the Financing Agreement "Technical Cooperation Mechanism Program" of the Action Program for 2016 within the European Neighborhood Instrument.

Report informs citing the Ministry of Economy, the document was signed by Minister Shahin Mustafayev on behalf of the Azerbaijani Government.

The purpose of the agreement is to support the reforms implemented in the country in the fields of economy, finance and judicial administration. Measures to promote export, development of small and medium business, public finance management, labor market, modernization of standards system, development of statistical sphere, provision of legal assistance to citizens will be carried out in frames of the program. 13.5 million EUR will be allocated to realize the program.

Notably, the European Union (EU) is one of the key foreign trade partners of Azerbaijan. The share of EU countries in foreign trade of Azerbaijan makes 35%, investments in fixed capital over the past 10 years - 46%, direct investments to non-oil sector - 35%. More than 1,300 companies of the EU countries operate in Azerbaijan. Cooperation with the European Union is also being implemented within the framework of various programs (Twinning, TAIEX, Budget Support, etc.).