By Ayya Lmahamad 

Azerbaijan’s Small and Medium Business Development Agency and Georgia’s Chamber of Commerce and Industry have signed a memorandum of understanding (MoU) on cooperation, Azernews reports.

The document was signed by Agency Board Chairman Orkhan Mammadov and Chamber President Giorgi Pertaia during the IX meeting of the joint intergovernmental commission on economic cooperation between Azerbaijan and Georgia.

The memorandum provides for cooperation in expanding relations between Azerbaijani and Georgian SMBs, an exchange of information in the trade, investment, and entrepreneurship sectors, as well as an exchange of experience on SMBs support and other issues.

Diplomatic relations between the two countries were established on November 18, 1992.

Azerbaijan and Georgia are collaborating in a variety of economic sectors. In 2021, the two countries' trade turnover totaled $763.6 million, with exports accounting for $661 million and imports for $102.6 million.