An agreement was signed as the result of the fifth meeting of the joint commission on trade and economic cooperation held between Azerbaijan and the Swiss Federal Council, held in Baku on Thursday.

The agreement was signed by the Minister of Economic Development Shahin Mustafayev and board member of the State Secretariat for Economic Affairs of Switzerland Eric Martin.
"The ways to improve economic relations between our countries was discussed during the meeting," co-chair of the intergovernmental committee Eric Martin told reporters after the meeting on Thursday.

He said that trade turnover between the countries amounted to one billion Swiss francs, approximately $900 million by the end of 2010. Azerbaijan mainly exported energy sector products to Switzerland and imported various equipment and latest technology.

"One of the important examples of Swiss investment in Azerbaijan today is the Holcim Company working on the Garadagh Cemen plant, which is estimated to to be worth 300 million euros for the construction of a new furnace," Mr Martin said.

The agreement also provides for cooperation in the areas of industry, energy, trade, investments, agriculture, finance and banking, culture and tourism.

/Trend/