India-Azerbaijan sign protocol on trade and economic, science and technology cooperation

The protocol focuses on current economic situation and to further review the current status of bilateral trade, investment and the cooperation between both the countries in the fields of trade, economy, science and technology, and also to strengthen and expand the cooperation between both nations in trade and investment, transportation, energy and hydro-carbons, SMEs, agriculture, food safety and environmental protection, tourism, culture, health and pharmaceuticals, space technology, education and scientific research, chemicals and petrochemicals and mining.

Trade turnover between India and Azerbaijan in January-August 2018 was USD 657.9 million. Both sides felt that bilateral trade was far below the potential and there was a need to step up the cooperation to enlarge the trade basket and increase bilateral trade and investment. Both sides agreed to take measures to enhance trade relations and expand business relations between the two countries.

It was decided to send trade delegations to raise awareness regarding economic developments and reforms in the two countries and have regular exchange of information about trade exhibitions, fairs, conferences and other business events.

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