In November 2019, Azerbaijani Minister of Labor and Social Protection of the Population, Sahil BABAYEV and Bulgarian Ambassador Nikolay YANKOV at the DOST (Sustainable and Operative Social Security) Agency signed an intergovernmental agreement on pension insurance in Baku, as Azernews reported with reference to the Ministry of Labor and Social Protection of the Population.

According to BABAYEV, both countries are at the level of strategic partnership with great potential for political and economic cooperation. The agreement was designed to regulate pension provision issues between the countries, payments of social insurance contributions, establishment of legal conditions for pension receipt and mutual recognition and protection of the pensions earned by citizens of both countries. Moreover, this year, two social packages were already implemented covering about 4.2 million citizens.

As of now, Bulgaria and Azerbaijan have signed already 55 documents in total and are both members of the Black Sea Economic Cooperation (BSEC). The strategic agreement, which created new opportunities for cooperation between the two countries, was signed in 2015, Azernews wrote.