Deputy Prime Minister of Russia Alexei Overchuk and Deputy Prime Minister of the Republic of Azerbaijan Shahin Mustafayev held a meeting of co-chairs of the Intergovernmental Commission on Economic Cooperation between the Russian Federation and the Republic of Azerbaijan, via videoconference.
The parties discussed a wide range of issues related to trade and economic cooperation, with a focus on industry, energy, transport, agriculture, and food safety, as well as on financial, banking and inter-regional cooperation.
Alexei Overchuk noted the progressive development of the legal framework of bilateral relations as well as the consistent efforts to implement the Action Plan on Developing Key Areas of Russia-Azerbaijan Cooperation to 2024.
During the meeting, it was emphasised that bilateral trade and economic cooperation is at a high level and has great potential to improve further. In January-November 2021, bilateral trade between Russia and Azerbaijan increased by 14.4 percent compared to 2020, totalling $2.9 billion. Russian exports and imports amounted to $2 billion and $914.1 million, respectively.
The meeting participants also noted the importance of developing interregional cooperation. The format of the Russia-Azerbaijan Interregional Forum was designated as a key platform for dialogue at this level. The 11th Interregional Forum is scheduled to be held in 2022.
Our development institutions and representatives of our business communities also play an active role in advancing bilateral relations. As part of implementing the protocol of the 19th meeting of the Intergovernmental Commission, a business mission of Russian companies was in Baku on 23 July 2021, with leading industrial companies of Russia taking part. From 17 to 18 November, in Baku, there was a business mission on urban infrastructure development, Smart City.
As for cooperation in the electric power industry, the parties noted that there is great potential for further cooperation in the oil and gas sector and on renewable energy.
When discussing cooperation on transport, special attention was paid to developing the project for the International North-South Transport Corridor.
The parties also addressed issues of developing agriculture and food security cooperation. It was noted that food and agricultural products occupy a leading position in bilateral trade between the Russian Federation and the Republic of Azerbaijan. Trade in agricultural products and food between the countries increased by 3.4 percent in January-December 2021 compared to 2020 and amounted to $1.3 billion. Both sides have experienced positive dynamics. Russian exports and imports grew by 3 percent and 4 percent, respectively, compared to the previous year. Russian-Azerbaijani agro-industrial relations occupy an important place in the system of foreign economic relations. In February 2022, the first freight train with fruits and vegetables from Azerbaijan to Russia was launched as part of the Agroexpress project for the delivery of goods using faster trains.
The parties confirmed their readiness to continue a constructive dialogue aimed at strengthening Russian-Azerbaijani relations in all areas of cooperation.
