Baku and Moscow continued economic consultations after Mishustin's visit to Azerbaijan

Azerbaijan's Minister of Economy, Mikail Jabbarov, embarked on a diplomatic mission to Russia on April 8-9, engaging in high-level discussions aimed at bolstering economic ties between the two nations. During his visit, Minister Jabbarov held crucial meetings with key figures including Deputy Prime Minister and Minister of Industry and Trade Denis Manturov, Minister of Economic Development Maxim Reshetnikov, and Chairperson of the Bank of Russia Elvira Nabiullina, among others. These discussions underscored the mutual commitment of Azerbaijan and Russia to fortify their economic collaboration.

Central to the talks was the recognition of the expanding economic partnership between the two countries, underscored by Azerbaijan's reliance on Russia as a primary trading ally and the leading importer of Azerbaijani non-oil products. Discussions delved into various sectors including trade, transportation, industry, mechanical engineering, shipbuilding, pharmaceuticals, innovation, artificial intelligence, and finance, highlighting the breadth of their economic engagement.

Key topics included measures to bolster Azerbaijan's non-oil industry, incentives for entrepreneurs in industrial zones, and avenues for joint ventures. Both sides emphasized the need to enhance cooperation mechanisms and discussed mutual interests to further cement their economic ties.

The visit builds upon the momentum generated by Russian Prime Minister Mikhail Mishustin's recent trip to Azerbaijan in March, which laid the groundwork for enhanced economic cooperation. Notably, the transfer of responsibilities to respective economy ministers following Mishustin's visit signaled a transition from dialogue to actionable steps.

During Mishustin's visit, special attention was paid to issues of logistical efficiency, and efforts were aimed at optimizing trade flows and facilitating smoother implementation of cross-border operations. Discussions also highlighted the significance of improving transport infrastructure, particularly along the international North-South transport corridor passing through Azerbaijan, which serves as a vital trade route linking Europe and Asia.

The signing of a comprehensive roadmap for the development of transport infrastructure for the years 2024-2026 marked a significant milestone, outlining specific measures to bolster logistics capabilities and expand transport networks, thereby laying a solid foundation for sustained economic growth and cooperation.

The approval of a roadmap for Russian-Azerbaijani economic cooperation until 2026 signals a deeper commitment to strengthening economic ties, with a focus on various sectors including trade, investment, transport, industry, and agriculture. Both sides emphasized the need to identify new areas of cooperation, underscoring the potential for joint projects and investments.

Economic indicators underscore the burgeoning trade relationship, with significant increases in trade turnover observed in recent years. According to the State Customs Committee of Azerbaijan (SCC), there has been a significant increase in economic relations between Azerbaijan and Russia: by the end of 2023, trade turnover increased to 4,358 billion dollars, which is 17.5% more than the previous year. This sharp increase is evidenced by a significant increase in both exports and imports. Azerbaijan's exports to Russia in 2023 reached $1.196 billion, reflecting a marked increase of 22.7%, while imports from Russia amounted to $3.162 billion, indicating an increase of 15.6% compared to the previous year. This surge highlights the strengthening of economic ties between the two countries, driven by increased trade activity in various sectors. Despite retaining its position as Azerbaijan's third-largest trading partner, Russia plays a pivotal role in Azerbaijan's foreign trade turnover, reflecting the robustness of their economic partnership.