Maxim Oreshkin: Since early 2017, the trade turnover between Russia and Azerbaijan has increased by 80%


In September 28, 2017, the Minister of Economic Development of the Russian Federation Maxim Oreshkin held a meeting with the Minister of Economy of the Republic of Azerbaijan Shakhin Mustafayev.

There was talk about the state of trade and economic cooperation, restrictions on the access of Russian products to the Azerbaijani market, as well as measures to develop the export potential.

The head of the Ministry of Economic Development of the Russian Federation noted that the Russian economy is recovering and the correct dynamics of domestic demand positively affects bilateral relations with Azerbaijan.

According to his words, for the first time since 2015, there is an increase in trade turnover between the countries,  both in terms of export and import of products.  "Over the first 7 months of 2017, the trade turnover amounted to 1.5 billion dollars and increased by almost 80% compared to the same period in 2016," he said. Nevertheless, this is much less than the volumes reached in 2014, when the turnover was 4 billion dollars. "Therefore, good dynamics should not be soothing. I am sure that the potential is far from being exhausted, "Maxim Oreshkin added.

According to the head of the Russian delegation, in these conditions it is important to continue the systematic work on removing restrictions and barriers in bilateral trade.

"We consider pharmaceutics to be one of the promising areas for cooperation," the Russian Minister emphasized.  Co-production of pharmaceutical products is now being established in Azerbaijan: the Hayat Pharm enterprise, with the participation of the Russian company R-Pharm.  The total preliminary investment of the project exceeds 70 million euros.

Discussing the measures to develop the export potential, Maxim Oreshkin noted that the contacts of the representatives of the business communities, including the Business Councils of the two countries, became much more active recently. "In these conditions, we plan to improve the effectiveness of existing methods to support export.  First of all, we are talking about the Russian Export Center," he added. The Minister said that it is planned to open a representation of the REC Group in Baku by the end of 2017.

Minister of Economic Development of Azerbaijan Shakhin Mustafayev expressed his satisfaction with the state of bilateral relations in the economy. According to him, the Azerbaijani and Russian economies are gradually freed from the dependence on energy prices.  Azerbaijan held a course on the development and diversification of the non-oil sector in economy, the balance of payments has stabilized. "We are glad that the non-oil export of Azerbaijan increased by 30 percent, the large share of non-oil exports is made up of agricultural products, most of which we import into Russia", the head of the Azerbaijani economic department said.