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India and Azerbaijan have agreed to hold the 4^th meeting of Inter-Governmental commission (IGC) on Trade and Economic, Science and Technology cooperation in Baku in early April, 2016, the Indian embassy reported.

As the Co-Chair of IGC, Minister of State for Commerce & Industry of India, Nirmala Sitharaman will be leading an Indian delegation to Azerbaijan. From the Azerbaijani side, the meeting will be co-chaired by Minister of Ecology and Natural Resources, Huseyngulu Baghirov.

The two sides will discuss enhancing bilateral cooperation in a wide range of fields, including trade and investment, transportation energy, chemicals and fertilizer, agriculture, financial sector, science & technology, ICT, health care and pharmaceuticals, education, culture, youth and sports, visa free travel, transfer of sentenced persons and tourism.

They will also discuss cooperation in development of the International North-South Transport Corridor (INSTC) which would link the western ports of India to Azerbaijan and Russia via Iranian ports. The proposed INSTC route would be much cheaper and shorter than the current sea route.

India and Azerbaijan enjoy age-old historical relations and cultural affinity. Both countries are vibrant examples of multi-culturism and tolerance. Business exchange between the two countries have emerged an important aspect of bilateral relations between the two countries.

Indian businessmen have been regularly participating in major business and events, including 'Baku Build', Azerbaijan International Travel and Tourism Fair (AITF). To facilitate ease of doing business for the entrepreneurs of the two countries, both sides would be discussing a number of agreements including the Bilateral Investment Promotion and Protection Agreement and Double Taxation Avoidance Agreement which are expected to boost trade and investment between the two countries.

Indian company ONGC-Videsh holds 2.72% share in the Azeri-Chirag-Guneshli oil field and Baku-Tbilisi-Ceyhan pipeline and has an office in Baku.

India’s Gas Authority of India limited (GAIL) has signed a MoU with the State Oil Company of Azerbaijan, SOCAR to jointly pursue opportunities in LNG procurement and promotion. Under the Indian Technical and Economic Cooperation (ITEC) programme, more than 80 Azerbaijani professional have attended training programmes in India in the recent years.

The embassy of India in Baku along with the Indian Association in Azerbaijan actively participates in many local events, including International Culture Festival, International Food Festival, International Tea Festival, and organizes Indian festivals and events in Azerbaijan.

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