Azerbaijan aims to apply new mechanisms to develop trade relations with Russia (UPDATE)
Details added (first version posted on 14:37)
Baku, Azerbaijan, Dec. 25
By Anvar Mammadov – Trend:
Azerbaijan aims at applying new mechanisms to develop trade relations with Russia, Azerbaijani Economy Minister Shahin Mustafayev said Dec. 25 in Baku at an expanded meeting of the Azerbaijani-Russian and Russian-Azerbaijani business councils.
Presently, Russia is one of the main trade partners of Azerbaijan, he said, adding that Russia ranks third in the overall commodity turnover as well as in terms of imports, and first in Azerbaijan’s non-oil export, he said.
“This is a good indicator, but it is necessary to use new mechanisms for the future development of trade between our countries,” he noted. “We are already applying various mechanisms, including the opening of the Azerbaijani business center in Astrakhan city and the establishment of the Astrakhan business center in Azerbaijan, as well as today’s opening of the Russian Export Center’s office in Baku.”
Shahin Mustafayev also noted the high volume of mutual investments between the two countries, stressing that the volume of Azerbaijani investments in Russia exceeded $1 billion. In addition, more than 700 companies with Russian capital operate in Azerbaijan, he said.
Azerbaijan’s trade with Russia for eleven months of 2017 amounted to $1.89 billion, $528.97 million of which accounted for the export of Azerbaijani products to Russia, according to the State Customs Committee of Azerbaijan.