BAKU, Azerbaijan, July 20
By Sadraddin Aghjayev - Trend:
The negotiations are underway between India and Azerbaijan in connection with the signing of a double taxation avoidance agreement, Trend reports referring to the message of the India Briefing website.
India is working to establish tighter economic relations with the countries of Central Asia and the South Caucasus. According to the source, India considers it important to establish relations with these regions to achieve its long-term goals, including energy security, trade and infrastructure connectivity.
Currently, the negotiations are underway between India and Azerbaijan in connection with the signing of a double taxation avoidance agreement, as well as on cooperation in the field of information and communication technologies, healthcare, agriculture, tourism, customs and a number of other spheres.
Azerbaijan is a net exporter to India due to the export of crude oil.
The export volume from Azerbaijan to India amounted to $284.8 million from January through May 2021, which is by 22.9 percent more compared to the same period of last year while the import of Indian products to Azerbaijan increased from $57.5 million to $66.9 million (increase of 16.3 percent).
In general, India's export volume to Azerbaijan amounted to $125.9 million while India’s import volume from Azerbaijan - $456.8 million over the past year, of which $452.7 million accounts for the supply of fuel, oils and distillation products.
India exports cereals, rice, mobile phones, pharmaceuticals, organic chemicals, fluid pumps, etc. to Azerbaijan.
The trade turnover between the two countries has greatly increased after the opening of the Baku-Tbilisi-Ceyhan oil pipeline, which ensured access to the Mediterranean port, from where Indian oil companies buy a big volume of crude oil.
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