By Ayya Lmahamad
Azerbaijan and Russia have discussed the expansion of the trade
relations between the two countries, Azernews reports.
The discussion took place during the meeting between
Azerbaijan's Economy Minister Mikayil Jabbarov and Russia's
Economic Development Minister Maxim Reshetnikov, held on the
margins of the 2nd Caspian Economic Forum.
During the meeting, they discussed the expansion of trade
relations between the two countries. The parties also discussed the
holding of the Azerbaijani-Russian Interregional Forum and the
promotion of the partnership on economic zones.
“During the meeting with Minister of Economic Development of
Russia Maxim Reshetnikov, we discussed the expansion of the #trade
relations between our countries, establishment of clusters within
the framework of the #economic cooperation, holding of the
Azerbaijani-Russian Interregional Forum, as well as the promotion
of the partnership on #economiczones,” Mikayil Jabbarov
Emphasizing the successful development of cooperation between
the two countries, Mikayil Jabbarov spoke about the work done to
expand economic ties and increase trade turnover.
In his turn, Maxim Reshetnikov underlined the high level of
economic relations between Azerbaijan and Russia and shared his
views on the directions of partnership development.
Azerbaijan and Russia cooperate in different sectors, such as
economy, agriculture, customs, communications, high technology, and
others. Over 230 intergovernmental and intercompany documents have
been signed between the two countries and six 'road maps' are being
Azerbaijan's investments in the Russian economy have exceeded
$1.2 billion, with the lion's share of it being in the non-oil
sector. In addition, Russian investments in Azerbaijan's economy
totaled $6.3 billion, with $5 billion in the oil sector and $1.3
billion in the non-oil sectors.
The trade turnover between Azerbaijan and Russia amounted to
$2.9 billion in 2021, making Russia Azerbaijan's third-largest
Ayya Lmahamad is AzerNews' staff journalist, follow her on
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