An agreement was signed on establishing a Joint Azerbaijan-Hungary Business Council, AzVision.az reports citing Azerbaijan's National Confederation of Entrepreneurs (Employers) Organizations.
According to the confederation, the agreement was signed at the ninth meeting of the Joint Commission on Economic Cooperation between the governments of Azerbaijan and Hungary.
An agreement was signed at the meeting to establish a Joint Azerbaijan-Hungary Business Council in order to strengthen economic and trade ties between the two countries, continuing the Memorandum of Understanding between the Confederation of Entrepreneurs (Employers) of Azerbaijan and the Hungarian Chamber of Commerce and Industry that was signed in 2019 to promote the development and diversification of economic and trade cooperation.
"According to the document, the parties have defined the goals of the Council and the tasks of forming a working group. The purpose of the establishment of the Council is to promote joint investments in Azerbaijan and Hungary, increase mutual trade turnover, and resolve emerging issues related to economic ties," said the statement.
According to Azerbaijan's State Customs Committee, the trade turnover between Azerbaijan and Hungary in January 2023 amounted to $3.042 million.
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