Within the first nine months of 2020, the total volume of non-oil trade between the UAE and Azerbaijan hit Dhs1.2 billion. The UAE is Azerbaijan's most important trading partner in the Gulf Cooperation Council (GCC), contributing to 76% of Azerbaijan's commerce with GCC nations. The two nations have strong tourism connections, with the UAE ranking sixth worldwide in terms of the number of visitors that visited Azerbaijan in 2019, with more than 70,000 visitors.

In the Azerbaijani capital, Baku, Ilham Aliyev, President of the Republic of Azerbaijan, welcomed Abdulla Bin Touq Al Marri, UAE Minister of Economy, and the escorting team.

The UAE delegation, led by Bin Touq, visited Azerbaijan intending to finalize project ideas for cooperative action over the next phase to enhance trade exchanges and investment flows between the two countries, therefore strengthening strategic economic relationships.

During his tour, Bin Touq met with H.E. Ali Asadov, Prime Minister of Azerbaijan; Mikael Jabarov, Azerbaijani Minister of Economy; Rashad Nabiyev, Azerbaijani Minister of Transport, Communications, and Advanced Technology; and officials from the Azerbaijani business community.

President Aliyev underlined his pleasure with the current level of relations between the two nations, as well as his willingness to expand commercial connections with the UAE. He urged for the strengthening of strategic relationships for the next ten years through the establishment of new investment possibilities in key areas like infrastructure logistics, sustainable energy, and the tourist industry.

“Azerbaijan is a friendly country, a key economic partner of the UAE in the area, and a popular location for UAE people to travel, tourist, study, and engage in commercial activities and investments,” Bin Touq stated during the meeting. The UAE government is eager to continue working closely with our Azerbaijani colleagues to expand collaboration in a variety of areas that hold great future opportunities.”

In another meeting, Bin Touq discussed ways to develop relations between the UAE and Azerbaijan with Ali Asadov, and explored the opportunities for developing and promoting them through the effective use of the promising potentials and facilities available to both sides, within the framework of productive cooperation in multiple areas, particularly new and evolving sectors.

“We see great prospects to deepen the cooperation with the UAE at both the governmental and private levels,” Asadov added, “by making the most use of the attractive potentials and options available on both sides.” This is part of productive collaboration in a variety of critical areas of mutual interest, including the Fourth Industrial Revolution and artificial intelligence, e-commerce, and food security. We will put our endeavor to raise successful bilateral collaborations to a greater level of excellence to fulfill both nations' development goals.”

According to Bin Touq, "The relation between the UAE and Azerbaijan are advancing rapidly in a multitude of sectors, particularly in the economic and commercial arena." This lays the groundwork for the UAE and Azerbaijani governments to strengthen their collaboration and economic integration.”

Furthermore, the two parties commended the existing bilateral, regional, and international cooperation between the two countries on a variety of issues of mutual interest, and the ongoing coordination among the two friendly nations on economic developments and through their combined membership in many international bodies. These include the United Nations, the Organization of Islamic Cooperation, the Non-Alignment Movement, and many others, which strengthen the two nations' roles and contributions to regional and global peace, security, and prosperity.

During Bin Touq's meeting with Mikhail Jabarov, the two parties agreed to take joint practical actions to promote and expand trade interchange and to develop new investment possibilities for the private sector in both nations. Furthermore, firms would be encouraged to seek new avenues for collaboration and capitalize on attractive possibilities in each other's marketplaces.

Jabarov was pleased with Bin Touq's reaction to his offer to visit Azerbaijan and discuss plans to enhance investment between the two friendly nations. He emphasized the significance of Azerbaijan's involvement in Expo 2020 Dubai, and the success of its associated operations thus far.

Furthermore, Bin Touq evaluated the UAE's most significant attempts to combat the Covid-19 pandemic and speed up economic recovery. This is achieved through the execution of an integrated plan and adaptable initiatives built to assist activities and businesses in various industries; propel digital transformation; and encourage investments in the segments of innovation, knowledge, technology, and the new economy to build a new, extra diversified, adaptable, and sustainable economic framework.