Mikayil Jabbarov: Active negotiations underway on Comprehensive Economic Partnership Agreement with UAE

Azerbaijan and the United Arab Emirates (UAE) are actively negotiating on the draft of the Comprehensive Economic Partnership Agreement, Azerbaijani Economy Minister Mikayil Jabbarov said at the event dedicated to the National Day of the United Arab Emirates, Report informs.

“The signing of this document will significantly contribute to the development of our economic and trade relations, particularly by facilitating trade liberalization, expanding investments, and enhancing market access opportunities for goods and services, thereby accelerating the deepening of cooperation,” Jabbarov noted.

He added that in January of this year, during the visit of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE, to Azerbaijan, several important agreements were signed, including the Memorandum of Understanding on Strategic Partnership: “This document underscores the strategic significance of our bilateral relations and strengthens the foundation for future cooperation.”

The minister also pointed out that in December 2023, a Joint Investment Fund with a financial capacity of $1 billion was established between Azerbaijan Investment Holding and Abu Dhabi Development Holding Company under a Joint Investment Framework Agreement. “Our aim is to expand cooperation between the two countries, particularly through the implementation of projects focused on the exchange of joint technologies,” he mentioned.

“The Joint Commission between our countries remains a vital platform for fostering bilateral cooperation. The successful hosting of its 9th session in the historic city of Shusha this August underscores our shared commitment to advancing our ties. We remain dedicated to further strengthening our cooperation and will continue to work closely to achieve our common goals,” the minister stated.