Azerbaijan is Russia’s main trading partner in the South Caucasus and the trade turnover between the two countries will reach $3 billion, Azerbaijani Foreign Minister Elmar Mammadyarov said at a press conference in Baku following a meeting with his Russian counterpart Sergey Lavrov.
“The trade turnover between our countries continues to grow and is expected to reach $3 billion. Azerbaijan is Russia’s main trade partner in South Caucasus. Mutual investments are also actively boosting. The investment made by Azerbaijan in Russia exceeded $1.2 billion, while Russia invested $4.9 billion in Azerbaijan, of which $4 billion were invested in the oil sector and about $1 billion in non-oil,” Mammadyarov said.
“There are successful economic relations between two countries. Legal framework for these relationships exists,” he added.
The Azerbaijani Foreign Minister also said that the parties had inked Protocol on Political Consultations for 2020 as part of Lavrov’s visit.
The negotiations were very fruitful. The relations between Azerbaijan and Russia are a successful and even an exemplary pattern for strategic cooperation, Mammadyarov underlined.
In turn, Lavrov said that the Azerbaijani-Russian ties “are strategic and based on mutual trust and faith”.
He spoke about efforts in the direction of deepening the relations of parliaments and ministries of both countries.
Russian FM stated that there were close relations between the two countries in the field of culture. (AzerNews/Business World Magazine)