Baku, Azerbaijan, Oct. 28
Trend:
The Russian Federation Council ratified the Russian-Azerbaijani intergovernmental agreement on mutual protection of investments Oct. 28, TASS reported.
The document was signed in Astrakhan on September 29, 2014. Its purpose is to ensure the favorable regime for investors of the two countries.
The ratification of this agreement will allow creating the long-term, stable and predictable legal sphere for Russian and Azerbaijani investors, protect the interests of Russian and Azerbaijani investors, as well as intensify the trade and economic cooperation between the two countries. This is in the interests of the Russian Federation, the statement said.
"Historically, Russia and Azerbaijan historically have very close trade relations," said Maria Baranova, the deputy director of the Department of Trade Negotiations of the Economic Development Ministry.
Baranova stressed the trade turnover growth between the two countries.
According to the ministry, it amounted to $ 4 billion in 2014, of which $3 billion accounted for the export of Russia to Azerbaijan.