Normalization of Russian-Turkish ties not to negatively affect Baku-Moscow trade turnover (UPDATE)

Business Materials 1 July 2016 12:00 (UTC +04:00)

Details added (first version posted on 11:47)

Baku, Azerbaijan, July 1

By Anvar Mammadov – Trend:

The normalization of relations between Turkey and Russia will not negatively affect the growth of the trade turnover between Azerbaijan and Russia, Sahib Mammadov, Azerbaijan’s deputy economy minister, told reporters July 1 in Baku.

Mammadov said there are very wide economic relations between Azerbaijan and Russia, including in trade turnover, which increases every year and does not depend on the Turkish-Russian relations.

“The trade turnover between Azerbaijan and Russia increases every year, and this is mainly due to the quality of Azerbaijani products and their already well-established place in the Russian market,” explained the deputy minister.

The trade turnover between Azerbaijan and Russia totaled $739.8 million in January-May 2016, according to Azerbaijan’s State Customs Committee. Russia is one of Azerbaijan’s main foreign trade partners and ranks the second with the specific weight of 11.59 percent of Azerbaijan’s total trade turnover. Meanwhile, Russia is in the first place among importers from Azerbaijan with a share of 18.3 percent ($609.6 million), while in the list of exporters Russia ranks the 8th with the amount of $130.2 million (with specific weight of 4.27 percent).