Azerbaijani, Russian deputy PMs discuss trade, economic ties

Azerbaijani Deputy Prime Minister Shahin Mustafayev and his Russian counterpart Alexey Overchuk emphasised the very positive dynamic of the trade and economic relations between the two countries.

The sides met during the 21st meeting of the Intergovernmental Commission on Economic Cooperation between Azerbaijan and Russia, which was held in Moscow on July 7, Azertaj reports.

Heads and authorised representatives of relevant government agencies of the two countries also attended the commission.

The parties expressed satisfaction with the comprehensive development of Azerbaijani-Russian friendly ties.

It was noted that the active political dialogue and personal contacts between the presidents of Azerbaijan and Russia ensure high dynamics across the spectrum of bilateral cooperation.

It was noted with satisfaction that in 2022 the trade turnover increased by 24 per cent, exceeding $3.7 billion.

Dynamic growth of cooperation in the sphere of mutual investments was also pointed out. The contribution of the Azerbaijani-Russian and Russian-Azerbaijani Business Councils to the establishment of direct contacts between business circles was positively assessed.

The parties also pointed to the successful development of industrial cooperation and emphasised that cooperation in the agro-industrial complex is developing at a good pace.

It was noted that both sides attach special importance to the development of transport and logistics ties. Positive growth was ensured in the volume of cargo transportation between Azerbaijan and Russia, which exceeded 36 per cent in 2022.

The parties viewed the North-South international transport corridor project as a priority and are making concerted efforts to develop it.

The parties also discussed prospects for the development of bilateral relations in areas of mutual interest and expressed a mutual willingness to continue a constructive dialogue on the entire range of mutually beneficial cooperation.

Following the meeting, Mustafayev and Overchuk signed the Minutes of the 21st meeting of the Intergovernmental Commission on Economic Cooperation between Azerbaijan and Russia.