India-Azerbaijan sign protocol on trade and economic, science and technology cooperation
India and Azerbaijan has signed protocol on trade and economic, science and technology cooperation. It was signed at 5th meeting of India-Azerbaijan Inter-Governmental Commission on Trade and Economic, Science and Technology Cooperation (IA-IGC) held on 11-12 October, 2018 in New Delhi. The meeting was co-chaired by Union Minister of Commerce & Industry and Civil Aviation Suresh Prabhu and Azerbaijan’s Minister of Ecology and Natural Resources Mukhtar Babayev.
Highlights of meeting
Both counties exchanged views on current economic situation and reviewed current status of bilateral trade, investment and their cooperation in fields of trade, economy, science and technology. They also emphasised to further strengthen and expand their cooperation in trade and investment, energy and hydro-carbons, transportation, SMEs, agriculture, food safety and environmental protection, tourism, culture, health and pharmaceuticals, space technology, education and scientific research, chemicals and petrochemicals and mining.
Both sides also felt that bilateral trade was far below potential and there is need to step up cooperation to enlarge trade basket and increase bilateral trade and investment. Currently trade turnover between India and Azerbaijan in January-August 2018 was US $657.9 million. Both sides also agreed to take measures to enhance trade relations and expand business relations between the two countries.
They also decided to send trade delegations to raise awareness regarding economic developments and reforms in two countries and have regular exchange of information about trade exhibitions, fairs, conferences and other business events. They also agreed to convene next meeting of IA-IGC in Baku, capital of Azerbaijan.