By Azernews

By Ayya Lmahamad

Azerbaijan and Russia have discussed the expansion of the trade relations between the two countries, Azernews reports.

The discussion took place during the meeting between Azerbaijan’s Economy Minister Mikayil Jabbarov and Russia’s Economic Development Minister Maxim Reshetnikov, held on the margins of the 2nd Caspian Economic Forum.

During the meeting, they discussed the expansion of trade relations between the two countries. The parties also discussed the holding of the Azerbaijani-Russian Interregional Forum and the promotion of the partnership on economic zones.

“During the meeting with Minister of Economic Development of Russia Maxim Reshetnikov, we discussed the expansion of the #trade relations between our countries, establishment of clusters within the framework of the #economic cooperation, holding of the Azerbaijani-Russian Interregional Forum, as well as the promotion of the partnership on #economiczones,” Mikayil Jabbarov tweeted.

Emphasizing the successful development of cooperation between the two countries, Mikayil Jabbarov spoke about the work done to expand economic ties and increase trade turnover.

In his turn, Maxim Reshetnikov underlined the high level of economic relations between Azerbaijan and Russia and shared his views on the directions of partnership development.

Azerbaijan and Russia cooperate in different sectors, such as economy, agriculture, customs, communications, high technology, and others. Over 230 intergovernmental and intercompany documents have been signed between the two countries and six "road maps" are being implemented.

Azerbaijan's investments in the Russian economy have exceeded $1.2 billion, with the lion’s share of it being in the non-oil sector. In addition, Russian investments in Azerbaijan's economy totaled $6.3 billion, with $5 billion in the oil sector and $1.3 billion in the non-oil sectors.

The trade turnover between Azerbaijan and Russia amounted to $2.9 billion in 2021, making Russia Azerbaijan’s third-largest partner.