Assa-Irada, Azerbaijan
Nov 11 2006

Putin vows to double trade with Azerbaijan

AssA-Irada 11/11/2006 02:51

Russia and Azerbaijan plan to double bilateral trade in the near
future, Russian President Vladimir Putin has said.

In a meeting at the Kremlin on Thursday with his Azerbaijani
counterpart Ilham Aliyev, in Russia on a three-day visit, Putin said
the strengthening trade ties between the two countries will serve the
purpose. He noted that the bilateral trade turnover has already
exceeded a billion dollars.

`I believe we will double it in the next two or three years. In any
case, the growth rate of the turnover suggests this,’ the Russian
leader said. `We have established very high-level cooperation in the
political field, international affairs and the economy.’

Putin said the two countries have already increased their trade by
50% this year compared the first ten months of 2005.
President Aliyev praised bilateral ties as well. `The relations
between Russia and Azerbaijan have reached their highest level –
probably a peak since gaining independence [in 1991]. We aspire to
further expand potential for cooperation. We are successfully
collaborating in the political, economic and humanitarian areas. A
positive solution of outstanding issues will facilitate strengthening
our ties and stabilizing the situation in the region as a whole.’

The two leaders also discussed the Armenia-Azerbaijan conflict over
Upper (Nagorno) Garabagh, regional security and other international
issues.

350 Russian companies are operating in Azerbaijan. Most of the
Russian investments have been directed to the production and
transportation of oil. Azerbaijan mainly imports wheat, sugar,
beetroots, electricity, natural gas, and timber from its northern
neighbor, while exports include fruit and vegetables, petrochemicals,
tea and cotton.