BAKU, Azerbaijan, July 17. Russia and Azerbaijan are interested in further increasing trade volume.
Russian Foreign Minister Sergey Lavrov made this statement during a press conference following his meeting with Azerbaijani Foreign Minister Jeyhun Bayramov in Moscow.
“We discussed trade and economic cooperation, taking into account that the regular meeting of the intergovernmental commission took place in April. We noted that there is a mutual interest in further increasing trade volume. Last year, the volume of bilateral trade reached nearly five billion dollars. Russia remains one of Azerbaijan’s leading economic partners. And there is significant potential for increasing our trade volume and the flow of direct investment. Our investments in Azerbaijan amount to nearly $11 billion. More than 1,400 commercial entities with Russian capital are operating in the republic,” he said.
Furthermore, he stated that the parties also discussed joint efforts by Russia, Azerbaijan, and Iran to unlock the logistical potential of the western branch of the “North-South” international transport corridor.
“We noted that the Russian-Azerbaijani intergovernmental agreement on increasing transit freight traffic along this route, signed in Moscow in December 2024, is currently being implemented,” Lavrov said.
The Russian Foreign Minister noted that the 29th meeting of the bilateral commission on the allocation of water resources of the transboundary Samur River took place on July 9.
“The parties are satisfied with how this project is being implemented and how the agreements are being carried out,” he added.
