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Trade representative: Russian and Azerbaijani trade and economic relations have positive development prospects

Business Materials 21 November 2012 15:48 (UTC +04:00)
The trade and economic relations between Russia and Azerbaijan have positive development prospects. Trade turnover has almost doubled for five years, Russian trade representative in Azerbaijan Yuri Shchedrin said at a press conference today.
Trade representative: Russian and Azerbaijani trade and economic relations have positive development prospects

Azerbaijan, Baku, Nov. 21 / Trend J. Nasibova /

The trade and economic relations between Russia and Azerbaijan have positive development prospects. Trade turnover has almost doubled for five years, Russian trade representative in Azerbaijan Yuri Shchedrin said at a press conference today.

"We consider the prospects of developing bilateral economic cooperation with optimism, proceeding from the growing export potential of the countries' economies, expanding the number of participants in foreign economic activity and the development of cross-border and regional cooperation," Shchedrin said.

He said that the structure of bilateral trade and economic relations remains diversified.
Around 90 per cent of Russian exports fall to the products of deep processing. This makes it less dependent on the world market situation, hydrocarbons and other raw materials.

At present, around 71 out of 83 regions of the Russian Federation have been involved in foreign trade with Azerbaijan. Over 500 Russian companies and organisations operate in Azerbaijan, including 200 with full Russian capital and the rest (over 300) were created in the form of joint ventures.

According to the Russian State Statistics Service, Russian-Azerbaijani trade turnover amounted to 2.315.4 billion in January-September 2012 or 13.1 per cent more than the same period last year. Russian exports to Azerbaijan increased by 17.7 per cent to 1.975.4 billion, while imports from Azerbaijan reduced by 7.9 per cent to $340 million.

Russia has a surplus worth 1.635.4 billion in foreign trade turnover with Azerbaijan.

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