During the talks, a broad agenda of bilateral cooperation in trade, economic, investment, transport and logistics was considered.

 

The current state and prospects for the development of mutual trade were discussed. In 2021, the volume of bilateral trade increased by 42%, and by another 52% since the beginning of this year. The availability of opportunities and resources for a multiple increase in trade turnover in the coming period was emphasized. The parties agreed to take measures to form a range and increase mutual deliveries of demanded products, conduct regular trade and business missions on a mutual basis, exhibitions of national products in large cities, conclude long-term trade contracts for the mutual supply of fruits and vegetables, food, textile, leather and footwear products in trade networks of the two countries.

 

Interaction in the field of industrial cooperation and investment partnership was considered as one of the priority areas of cooperation. Mutual interest was expressed in accelerating joint work on the creation of the Uzbek-Azerbaijani investment fund, as well as working out the financial and technical aspects of 5 large projects worth over $700 million. An agreement was reached to establish a Working Group to coordinate interaction in these areas.

 

The meeting participants focused special attention on measures to further expand joint ventures, including the production of cars, the production of jewelry and light industry products.

 

Discussion of measures to develop partnerships in the transport and logistics sector also occupied a key place on the agenda. The organizational aspects of holding the first meeting of the Mixed Commission on International Road Transport were agreed upon in order to discuss measures to create conditions for a multiple increase in the volume of transportation of goods, including essential goods through the territories of both countries. In this context, the prospects for taking joint measures to develop transport infrastructure were also noted.

 

Following the meeting, the parties signed a memorandum of understanding on the establishment of the Azerbaijan-Uzbek Investment Fund. This fund, as emphasized, will contribute to the further strengthening and expansion of bilateral economic cooperation and the development of industrial cooperation.