India and Azerbaijan signed a protocol to further strengthen and expand their cooperation in trade and investment, transportation, energy and hydrocarbons and SMEs, during the fifth meeting of India-Azerbaijan Inter-Governmental Commission on Trade and Economic, Science and Technology Cooperation (IA-IGC) in New Delhi.
The protocol was signed between Suresh Prabhu, Union Minister of Commerce & Industry and Civil Aviation and Mukhtar Babayev, Minister of Ecology and Natural Resources of the Government of Republic of Azerbaijan.
The two sides exchanged views on the current economic situation and reviewed the current status of bilateral trade, investment and their cooperation in the fields of trade, economy, science and technology.
The trade turnover between India and Azerbaijan in January-August 2018 was $657.9 million. Both sides felt that bilateral trade was far below their potential and there was a need to step up the cooperation to enlarge the trade basket and increase bilateral trade and investment. They also 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 a regular exchange of information about trade exhibitions, fairs, conferences and other business events. They also agreed to convene the next meeting of the India-Azerbaijan Inter-Governmental Commission on Trade, Economic, Science and Technology co-operation in Baku.