The Government of the Republic of Azerbaijan and the Government of the Republic of Estonia, hereinafter referred to as the "Contracting Parties",

Desiring to intensify economic co-operation to the mutual benefit of both Contracting Parties and to maintain fair and equitable conditions for investments by investors of one Contracting Party in the territory of the other Contracting Party,

Recognising that the promotion of international investment flows and the protection of investments of one Contracting Party in the territory of the other Contracting Part on the basis of this Agreement will stimulate business initiatives,

Desiring to achieve these objectives in a manner consistent with the protection of health, safety, and the environment and the promotion of sustainable development,

Have agreed as follows: