IMF: Initialing of Baku-Yerevan peace treaty - major step toward co-op in region

The initialing of the peace agreement between Armenia and Azerbaijan in Washington in August is an encouraging step toward greater stability and regional cooperation, Jihad Azour, director of the International Monetary Fund's Middle East and Central Asia Department, said at a press conference, Report informs.

If this process continues, it may open up new opportunities for trade, investment, and economic integration throughout the region, Azour noted.

Azerbaijani President Ilham Aliyev visited Washington on August 7-8.

During the visit, the leaders of Azerbaijan and Armenia, brokered by US President Donald Trump, signed a joint declaration at the White House.

Furthermore, the foreign ministers of Azerbaijan and Armenia, in the presence of the three countries' leaders, initialed the Agreement on Peace and the Establishment of Interstate Relations.