OREANDA-NEWS. January 25, 2010. The United Arab Emirates (UAE) approves the cooperation with Azerbaijan and joint efforts to deepen and strengthen cooperation between countries to maintain mutual interests, the UAE Minister of Economy Sultan Al Mansouri said at the second session of the intergovernmental commission for economic , trade and technical cooperation between Azerbaijan and the UAE held in Abu Dhabi.

The minister said the events that took place in the global economy after the first meeting of the committee in Baku last year, call on both countries to study the available mechanisms for mutual cooperation to carry out a policy of coordinated actions in all spheres and at all levels to take measures on economic problems and changes made by the global financial crisis.

He said both countries should make efforts to achieve fruitful cooperation in future through establishment of joint ventures, including the signing of the Memorandum of Understanding on Trade-Related Investment and the exchange of experience in agriculture, industry and ICT.

In his speech he also stressed that trade turnover between the two countries in 2008 reached USD 245 million compared to USD 200 million in 2004. It points to the five-percent annual growth. The opening of Flydubai in Azerbaijan will increase cooperation between the two countries. The Minister expressed the readiness of the UAE to advance Azerbaijan's joining the World Trade Organization.

The second meeting of the intergovernmental commission on economic, trade and technical cooperation between Azerbaijan and the UAE is held in Abu Dhabi Dec. 21. At the meeting Azerbaijan was represented by a delegation headed by co-chairman of the Azerbaijani commission, Minister of Economic Development Shahin Mustafayev.

The delegation also includes representatives of foreign ministry, the ministry of finance, the ministry of industry and energy, the ministry of transport, the ministry of education, the communications and IT ministry, the ministry of health, the ministry of culture and tourism, the State Customs Committee, the Central Bank, "Azerbaijan Hava Yollari CJSC (AZAL), the International Bank of Azerbaijan, as well as the heads of about 30 companies in ICT, agriculture, industry, finance, banking, logistics, tourism, construction and energy.

A business forum organized by the Azerbaijani Export and Investment Promotion Foundation (AZPROMO) was also held within the visit.