By Azernews

By Ayya Lmahamad

Azerbaijan and Japan have signed a convention on the prevention of tax evasion and elimination of double taxation in relation to income taxes, Azernews reports.

Economy Minister Mikayil Jabbarov stated that the signing of the mentioned convention will contribute to the expansion of bilateral economic and trade relations.

"The signing of the #Convention between the Republic of Azerbaijan and #Japan on the prevention of tax evasion and elimination of double taxation in relation to income taxes will contribute to the expansion of the bilateral #economic-#trade relations," the minister tweeted.

Diplomatic relations between the two countries were established on September 7, 1992. Currently, Azerbaijan and Japan are cooperating in different sectors of the economy. The trade turnover between the two countries amounted to $274.8 million in 2021.

Azerbaijan’s Energy Ministry and Japan’s TEPSCO company signed an agreement on the establishment of the green energy zone in the newly-liberated lands. The deal envisages the effective use of renewable energy potential such as wind, solar, hydro, geothermal, and bioenergy in the liberated territories. It considers the establishment of a green energy zone based on modern energy management approaches to supply the region with energy.