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Ulyukayev to visit Baku to discuss prospects for trade-and-economic cooperation

June 02, 2014, 7:51 UTC+3 BAKU
An Azerbaijani government official said the Russian Minister would hold talks with Yagub Eyubov, First Vice-Premier, and Shakhin Mustafayev, Minister of Economics and Industry
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BAKU, June 02 /ITAR-TASS/. Prospects for the development of trade-and-economic cooperation between Russia and the Republic of Azerbaijan will be discussed here on Monday during a visit of Russian Economic Development Minister Alexei Ulyukayev.

An Azerbaijani government official said the Russian Minister would hold talks with Yagub Eyubov, First Vice-Premier, and Shakhin Mustafayev, Minister of Economics and Industry. It is expected that Azerbaian's President Ilkham Alieyev will receive Ulyukayev.

The Russian Minister is also to address the students of one of the republic's foremost institutions of higher learning the Azerbaijani Diplomatic Academy, and tour the Sumgait technological cluster.

Azerbaijan is currently one of Russia's key trading partners in the Commonwealth of Independent States (CIS), ranking fifth among CIS countries.

According to the RF Economic Development Ministry, in 2013, notwithstanding the current situation on the world markets and low business activity, trade turnover between the two countries reached a historical maximum $3.6 billion, or 5% more than the year before.

Russia's export ran at $2.9 billion and import amounted to $636 million (3.4% and 12.8% growth, respectively). In the process, the dynamic development of reciprocal trade indicators was one of the best among CIS countries. Since 2004, bilateral trade has grown 4.7 times over (by 78.7%).

The trade pattern reaffirms the mutually complementary nature of the economies. Manufactured goods predominate Russia's exports: the share of machines, equipment, and transport means, chemical, wood and paper-based products, ferrous and non-ferrous metals, and other machined products in the trade pattern is not less than 70%. At the same time, many types of Azerbaijani output are in a good demand on the Russian market. To Russia, in particular, Azerbaijan is a major supplier of foodstuffs.

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