SME Times News Bureau | 12 Oct, 2018
India and Azerbaijan on Friday exchanged views on current economic
situation and reviewed the current status of bilateral trade, investment and
their cooperation in the fields of trade, economy, science and technology.
At the 5th meeting
of India-Azerbaijan Inter-Governmental Commission on Trade and Economic, Science
and Technology Cooperation (IA-IGC) held on 11-12 October, in New Delhi, the
two countries emphasised to further strengthen and expand their cooperation 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
Both sides agreed to take
measures to enhance trade relations and expand business relations between the
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.
Both sides agreed
to convene the next meeting of the India-Azerbaijan Inter-Governmental
Commission on Trade, Economic, Science and Technology co-operation in Baku. The
dates for the meeting will be mutually agreed through diplomatic channels.
The meeting was co-chaired by
Union Minister of Commerce & Industry Suresh Prabhu and Minister of Ecology
and Natural Resources of the Government of Republic of Azerbaijan, Mukhtar