Agreement between the Government of the Republic of Kazakhstan and Government of the Azerbaijan Republic On deepening of economic cooperation

of October 24, 1998

The government of the Republic of Kazakhstan and the Government of the Azerbaijan Republic which further are referred to as with the Parties

being guided by provisions of the Joint Statement of the President of the Republic of Kazakhstan N. A. Nazarbayev and the President of the Azerbaijan Republic G. A. Aliyev concerning the Caspian Sea of September 16, 1996. The mutual declaration between the Republic of Kazakhstan and the Azerbaijan Republic about further development and deepening of cooperation of June 10, 1997, the Memorandum between the Republic of Kazakhstan and the Azerbaijan Republic of cooperation in oil transportation on the international markets of June 10, 1997, and also other bilateral documents,

considering that interstate integration is one of the most important elements of economic development,

using benefits of the international labor division, specialization and cooperation of production, mutually advantageous trade to goal achievement of social and economic development of the countries,

proceeding from need of further strengthening and development equal and mutually advantageous trade and economic and relations of production, giving to them of long-term and steady nature, effective use of economic capacity of two states and growth in prosperity of their people,

confirming need of mutually advantageous use of potential and intellectual potential of the states,

attaching importance to harmonization of implementation of economic reforms, creation of conditions for phased transition to free movement of goods, services, the capitals and labor power,

aiming at further deepening of full cooperation,

agreed as follows:

Article 1

The parties perform economic cooperation on the principles of long-term partnership, equality and mutual advantage, by establishment of direct connections between business entities of both states irrespective of patterns of ownership and subordination, according to the universally recognized norms and the principles of international law, taking into account national interests of both states.

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