Mohamed Al Hussaini And Azerbaijan's Finance Minister Strengthen Financial Cooperation For Sustainability

Mohamed Hadi Al Hussaini, the UAE's Minister of State for Financial Affairs, recently held discussions with Samir Sharifov, Azerbaijan's Minister of Finance. The meeting took place at the Ministry of Finance's office in Dubai. They focused on strengthening cooperation in finance and other shared interests. Ali Abdullah Sharafi, Acting Assistant Under-Secretary for International Financial Relations at MoF, also attended the meeting.

The ministers discussed the strong financial and economic ties between their countries. Al Hussaini welcomed the Azeri delegation and praised Azerbaijan’s support in climate finance. He emphasised the importance of collaboration in this area. "We are proud of our strong relations with Azerbaijan and look forward to deepening these ties to advance our mutual interests, particularly in sustainability and climate finance," he stated.

Al Hussaini highlighted Baku's upcoming role as host of COP29 as a key opportunity to enhance global efforts against climate change. This event is seen as a chance to further international cooperation in sustainability initiatives. The ministers reviewed progress on several fronts during their meeting.

They examined the implementation of a memorandum of understanding on financial cooperation signed in January 2024. This agreement has broadened collaboration in areas like public budget management, financial IT applications, and public debt management.

Sharifov praised the deeply rooted bilateral relations between the two nations. He reaffirmed Azerbaijan’s commitment to enhancing these ties by exchanging expertise in finance and related sectors. Both countries have established a framework for economic collaboration through various agreements.

This framework includes a memorandum of understanding on financial cooperation signed in January 2024. Additionally, there is a double taxation avoidance agreement signed in November 2006 and effective from June 2007. An investment protection and encouragement agreement was also signed in November 2006, effective from July 2007.

The meeting underscored the importance of ongoing dialogue and cooperation between the UAE and Azerbaijan. Both nations are committed to advancing their mutual interests through strengthened partnerships across various sectors.

With inputs from WAM