Azerbaijan, Brazil sign MoU on trade, investment cooperation

By Azernews

By Rashid Shirinov

Azerbaijan and Brazil have inked a Memorandum of Understanding on cooperation in trade and investment areas.

The document was signed by Azerbaijani Ambassador Elnur Sultanov and Brazil`s Acting Foreign Minister Marcos Galvão, Azertac reported on December 15.

Under the memorandum, the two countries will cooperate in the fields of energy, infrastructure, agriculture, innovations and tourism, and also set up a joint working group.

The bilateral relations between Azerbaijan and Brazil and their further expansion were also recently discussed in Baku. For this purpose, President of Brazil’s Chamber of Deputies Rodrigo Maia paid an official visit to Azerbaijan in late October.

The diplomatic relations between the two countries were established on October 23, 1993. In addition to embassies, each country created Brazil-Azerbaijan Inter-Parliamentary Friendship Group in 2012 and 2013.

The trade turnover between the countries amounted to $120 million in 2015. This indicator made a sharp rise in the first nine months of 2016, making up $150 million.

Azerbaijan and Brazil share common commitments to universal values, the rule of international law, the principles of the United Nations, including respect for territorial integrity, sovereignty and inviolability of borders.