Azernews.Az

Azerbaijan has signed cooperation agreements with three Russian republics - Karachay-Cherkess, Dagestan and Ingushetia, Russia's Trade Representative in Azerbaijan Yuri Shedrin said on Tuesday.

From the Azerbaijani side the agreements were signed by the First Deputy Prime Minister Yagub Eyyubov, from the Russian side - the heads of the Russian regions.

Shedrin said an agreement on cooperation and twinning of Stavropol's Nevinnomyssk city with Sumgayit city was also signed.

The signing ceremony was held during the Russian Deputy Prime Minister Alexander Khloponin's official visit to Azerbaijan.

Russian Deputy Prime Minister, co-chairman of the Azerbaijani-Russian intergovernmental commission on trade-economic cooperation Alexander Khloponin paid a working visit to Azerbaijan on Tuesday.

About 71 subjects of the Russian Federation are involved in trade with Azerbaijan. About 15 Russian regions signed an agreement on trade-economic, scientific-technical and cultural cooperation.

According to the Russian Deputy Minister of Regional Development Sergey Vereshagin, the agreements signed today in Baku, cover economic and other fields of cooperation of the Russian entities with Azerbaijan.

"A similar agreement will be signed with the Chechen Republic in the near future," Vereshagin said.

In 2011, Azerbaijan and Russia will reach a record high at $2.8-$3 billion on trade turnover. A $2.4-billion record high of trade turnover between Azerbaijan and Russia was reached in 2008.

It will be possible to reach a new record level given the abolition of grain exports embargo by Russia from July 1, 2011, as well as the growing volumes of natural gas imports from Azerbaijan.

According to the Azerbaijani State Customs Committee, the trade turnover between the two countries amounted to $1.73 billion in January-July, or 69.74 percent more compared to the same period last year.

According to the Russian customs service, the bilateral trade between Russia and Azerbaijan amounted to $1.947 billion in 2010.