UAE and Azerbaijan Finance Ministers Meet in Dubai
On October 20, Mohamed Hadi Al Hussaini, the UAE’s Minister of State for Financial Affairs, met with Samir Sharifov, Azerbaijan’s Minister of Finance, in Dubai. The meeting focused on enhancing financial cooperation between the two nations. Ali Abdullah Sharafi, Acting Assistant Under-Secretary for International Financial Relations, also attended.
Strengthening Financial Ties
Al Hussaini welcomed the Azeri delegation and expressed appreciation for Azerbaijan’s support in climate finance. He emphasized the importance of collaboration, especially in sustainability and climate finance, noting Baku’s upcoming role as host of COP29.
Progress and Agreements
The ministers reviewed progress on several initiatives, including a memorandum of understanding on financial cooperation signed in January 2024. This agreement covers public budget management, financial IT applications, and public debt management.
Commitment to Collaboration
Sharifov praised the strong bilateral relations and reaffirmed Azerbaijan’s commitment to enhancing ties by exchanging expertise in the financial sector. The countries have also established a framework for economic collaboration, including agreements on double taxation avoidance and investment protection.
Doubts Revealed
UAE -: UAE stands for the United Arab Emirates, a country in the Middle East known for its modern cities like Dubai and Abu Dhabi.
Azerbaijan -: Azerbaijan is a country located at the crossroads of Eastern Europe and Western Asia, known for its rich history and culture.
Finance Ministers -: Finance Ministers are government officials responsible for managing a country’s financial policies, including budgeting and economic planning.
Dubai -: Dubai is a city in the UAE known for its skyscrapers, luxury shopping, and vibrant nightlife.
Memorandum of Understanding -: A Memorandum of Understanding (MoU) is an agreement between two or more parties outlining the terms and details of an understanding, including each party’s requirements and responsibilities.
Public budget management -: Public budget management involves planning and controlling the financial resources of a government to ensure efficient use of funds.
Financial IT applications -: Financial IT applications are software tools used to manage financial data and processes, helping organizations make informed financial decisions.
Climate finance -: Climate finance refers to funding provided to help countries reduce greenhouse gas emissions and adapt to the impacts of climate change.
Double taxation avoidance -: Double taxation avoidance agreements are treaties between two countries to prevent the same income from being taxed in both countries.
Investment protection -: Investment protection agreements are treaties that provide security and fair treatment to investors from one country investing in another country.