Minister: Russia, Azerbaijan eye to increase trade turnover several times

Baku, Azerbaijan, April 23

By Ilkin Shafiyev – Trend:

Moscow and Baku hope to increase the trade turnover volume several times in the next few years, as well as ensure the growth of export of Azerbaijani goods to Russia, Russian Minister of Economic Development Maksim Oreshkin, who is visit to Baku, told reporters April 23.

"We have a very big potential for the development of trade and economic relations," Oreshkin said. “During my previous visit to Baku [in December 2017], we agreed to create an ad-hoc working group to remove existing barriers. There are some results. Today we see an increase in trade turnover volume between the countries."

“The issue of setting up a joint venture in Azerbaijan has been also put on the agenda today,” the minister added.

Earlier, Russia's trade representative in Azerbaijan Eldar Tlyabichev told Trend that Azerbaijan and Russia are discussing the possibility of establishing joint ventures to export products to third countries.

"Today we are considering the possibility of establishing and expanding cooperation in the field of industrial cooperation and production of joint products for export to third countries," Tlyabichev said.

According to the Azerbaijani State Customs Committee, the trade turnover between Azerbaijan and Russia in 2017 amounted to $2.14 billion, of which about $1.5 billion accounted for the import of Russian goods.

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