Moscow, 6 October 2022 (TDI): The Minister of Economy of the Republic of Azerbaijan Mikayil Jabbarov met with the Minister of Economic Development of Russia Reshetnikov at the Azerbaijan-Russia Interregional Forum. Both ministers discussed bilateral trade and multilateral trade.

The discussion on bilateral issues was held at the 2nd Caspian economic forum in Moscow. The Ministers discussed the promotion of partnership in the economic zones, economic cooperation, and trade relations between the two countries.

Both countries agreed to expand their partnership and also discussed climate policy in the meeting.

Additionally, the delegation from both sides agreed to work on climate policy and the establishment of clusters within the framework of economic cooperation.

The Minister of the Economy of Azerbaijan also highlighted the discussion on introducing the new concepts. The minister of economy Roshetnikov highlighted that trade turnover has increased by 54% with Caspian countries in the last six years.

Russia-Azerbaijan relations

The relationship between the two countries grew due to Ayaz-Mutalibov’s Foreign Policy after 1991. However, when tension arose between Armenia and Azerbaijan, the bond between Azerbaijan with Russia became weaker

Yet again, the partnership was again stronger when Heydar Aliyev became the president of Azerbaijan in 1993. The bilateral trade also increased by 39.3% annually, a total of $2.403 billion. The exports grew up by 42% which was $1.99billion and imports reached more than $400 million.

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Caspian Region

The Caspian shoreline Is the home of some of the oldest and rich civilizations, the Caspian Sea is surrounded by Caspian coastal countries. It has five littoral countries Azerbaijan, Russia, Kazakhstan, Iran, and Turkmenistan.

The Caspian, cultural and economic ties expand well into Asia and Eastern Europe which makes Caspian a significant regional hub.

In conclusion, the Azerbaijan and Russian delegations met in Moscow at Caspian Economic Forum with the agenda of expanding economic zones in the region. Both states intend to strengthen the correlation between them and to expand the import and export as well.