Azerbaijan, Russia sign protocol on economic co-op
By Ayya Lmahamad
Azerbaijan and Russia have signed a protocol on economic cooperation, the Cabinet of Ministers reported in its presser on April 28.
The protocol was signed during the 19th meeting of the Intergovernmental Commission held on April 27 in Moscow.
Co-chairs of the commission - Azerbaijan’s and Russia’s Deputy Prime Ministers Shahin Mustafayev and Alexei Overchuk – said during the meeting that the relations between Azerbaijan and Russia have reached the strategic partnership level and are successfully developing in various fields thanks to the efforts of the two countries’ leaders.
It was noted that in order to ensure the sustainable development of bilateral relations during the COVID-19 pandemic, special attention was paid to the implementation of the plan for the development of key areas of the Azerbaijani-Russian cooperation until 2024.
“Both countries are successfully working to deepen cooperation under six roadmaps, covering trade and investment, increasing transport potential, digitalization, innovation development, digital economy, tourism and the humanitarian sphere,” the report said.
Moreover, it was noted that the trade turnover between Azerbaijan and Russia increased by 2 percent in the first quarter of the year with the trade turnover of agricultural products increased by 6 percent despite the coronavirus pandemic.
The sides also expressed satisfaction with the development of cooperation in the transport and transit field, emphasizing the successful operation of the North-South and North-West international transport corridors.
Last year, the volume of freight traffic along the North-South corridor was by 15 percent more compared to 2019. The volume of cargo transported by rail increased by more than 23 percent, while by road increased by about 14 percent.
It was noted that in the first quarter of 2021, the volume of cargo transported by rail increased by over 5 percent year-on-year. In addition, the volume of cargo transported by road increased by more than 11 percent.
The volume of cargo transported along the corridor increased by 23.5 percent in the first quarter of the year.
The importance of synchronizing the work carried out to improve the respective road infrastructure in both countries and the construction of checkpoints on the Azerbaijani-Russian border was emphasized.
It should be noted Azerbaijan increased its trade turnover with Russia by $11.2 million, bringing the volume to $585.2 million in the first quarter of 2021. Of the total turnover, the export of Azerbaijani products to Russia amounted to $135.3 million, while import from Russia to $449.8 million. Russia was Azerbaijan's main trade partner among CIS countries followed by Ukraine and Belarus. It was also Azerbaijan's third-largest trade partner during the reported period.
---
Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad
Follow us on Twitter @AzerNewsAz
