Stavropol, Russia, Sept. 28

By Elchin Mehdiyev – Trend:

It is important for Azerbaijan and Russia to continue to remove restrictions and barriers in bilateral trade, Russian Minister of Economy Maksim Oreshkin said.

Oreshkin made the remarks at a meeting with Azerbaijani Minister of Economy Shahin Mustafayev in Russia’s Stavropol region Sept. 28, the Russian Economy Ministry said in a message.

“An increase in trade turnover in export and import of goods between Azerbaijan and Russia has been observed for the first time since 2015,” Oreshkin said.

"In January-July 2017, the trade turnover between the countries amounted to $1.5 billion and increased by almost 80 percent compared to the same period of 2016," the minister said.

“The pharmaceutics is one of the promising spheres of cooperation,” he said. "Hayat Pharm joint pharmaceutical company is being established in Azerbaijan. The total preliminary investments there exceed 70 million euros."

Oreshkin added that the Russian economy is recovering and the correct dynamics of domestic demand positively affects bilateral relations with Azerbaijan.

In his turn, Mustafayev expressed satisfaction with the current bilateral relations in the economic sphere.

The minister added that Azerbaijan focuses on the development of the non-oil sector of the economy, its diversification.

"We are pleased that Azerbaijan’s non-oil export increased by 30 percent, most of which account for agricultural products, which is mainly exported to Russia," he said.

During the meeting, the sides also discussed the current trade and economic cooperation, as well as measures of developing the export potential.