7th meeting of Azerbaijan-UK Intergovernmental Commission was held in London
he 7th Meeting of the Joint Intergovernmental Commission on economic cooperation between the Government of the Republic of Azerbaijan and the Government of the United Kingdom of Great Britain and Northern Ireland was held in London.
Prior to the meeting, Energy Minister Parviz Shahbazov and Parliamentary Under Secretary of State (Minister for Services, Small Businesses and Exports) at the Department for Business and Trade Gareth Thomas held a bilateral meeting. At the meeting, discussions were held on topical issues on the agenda of cooperation between the two countries.
Then, the co - chairs- Energy Minister Parviz Shahbazov and Parliamentary Under Secretary of State (Minister for Services, Small Businesses and Exports) at the Department for Business and Trade Gareth Thomas spoke at the meeting of the Intergovernmental Commission with the participation of delegations of both countries.
Minister Gareth Thomas said: "Today’s deals with Azerbaijan will allow for an even closer working relationship between our two nations. Our Plan for Change to drive economic growth is at the heart of these agreements, boosting exports and services across the energy, infrastructure and education sectors. Azerbaijan has for decades been a key partner for many of the UK’s sectors, and these deals will solidify that for years to come.”
In his speech, Minister Parviz Shahbazov emphasized that the President of the Republic of Azerbaijan Mr. Ilham Aliyev attaches special importance to the development of relations and multilateral cooperation with the United Kingdom, which is the main trading partner of our country. It was noted that the UK retains the status of the largest foreign investor in Azerbaijan with an investment of more than 37 billion USD. The active activity of more than 500 British companies in various fields in our country, the increase in bilateral trade turnover in the first quarter of the current year by 4 times were assessed as indicators of the dynamic development of economic partnership between our countries. The Minister also noted that our long-term partnership with bp, which has invested more than 35 billion USD in Azerbaijan's oil and gas sector, is expanding towards the implementation of new projects, in addition to continuing the strategic role of the Southern Gas Corridor in Europe's energy security, stabilizing and maximizing production at the ACG field: “The active construction phase of the "Shafag" Solar Power Plant will soon begin. This project is a leading example of our cooperation with bp in the field of green energy and decarbonization of the oil and gas industry. We are also ready to expand cooperation with other British companies and investors in various fields. "The £5 billion loan guarantee provided by the United Kingdom Export Finance (UKEF) for priority projects in the energy transition, transport and infrastructure sectors can make a significant contribution to further strengthening our bilateral economic partnership."
At the meeting, which was represented by about 30 government agencies of Azerbaijan, the work done in more than 20 areas, important issues were considered and presentations on development prospects were made. It was agreed to cooperate in the direction of energy transition in areas such as renewable energy, grid development, energy efficiency, emission reduction and transition to a liberal electricity market, including the development of offshore wind, solar energy and hydrogen infrastructure.
Opportunities for cooperation with the UK on modernization/diversification of the economy in the fields of financial and professional services, technology, application of artificial intelligence, promotion of small and medium-sized businesses, cybersecurity, science and education, health, culture, youth and sports were assessed and possible directions were identified.
The use of the Middle Corridor in the development of infrastructure, mutual economic investment, identification of opportunities for creating a bilateral trade and investment platform for the textile industry, cooperation in the fields of water management and waste management, transport, aviation, digital construction and mine clearance are envisaged.
An agreement was reached on increasing the number of companies in both countries in the direction of regulation and business environment, strengthening partnerships with industrial parks and economic zones, including Alat Free Economic Zone (AFEZ), cooperation in banking, digital development, agriculture and food security, as well as facilitating permits for export products. The necessity of accelerating the processes related to the Partnership and Cooperation Agreement between the Republic of Azerbaijan and the United Kingdom of Great Britain and Northern Ireland for the development of bilateral economic relations was emphasized.
Within the event, a Memorandum of Understanding was signed between UKEF and AZPROMO.
The Protocol on the Outcomes of the Seventh Session of the Joint Intergovernmental Commission between the Government of the Republic of Azerbaijan and the Government of the United Kingdom of Great Britain and Northern Ireland on economic cooperation was signed. It was decided to hold the 8th meeting of the commission in 2026 in Baku.
