The 4th meeting of the Italian-Azerbaijani Intergovernmental Commission on Economic Cooperation was held in Rome on June 13.
The Minister of Economic Development of Italy Paolo Gentiloni in his speech said that the Trans-Adriatic gas pipeline project is of strategic importance for Italy and the beginning of the gas supplies is to be commissioned in 2020.
According to him, last year the mutual trade turnover amounted to 5 billion Euro and continues to grow.
Gentiloni noted that economic cooperation should not be limited to the energy sector. There are opportunities for cooperation in various fields.
The Minister also said that Italy supported Germany's efforts as OSCE chairman to settle the Armenian-Azerbaijani conflict. In the case of the election of Italy the Chairman of OSCE in 2018, it will make every effort to resolve the conflict, he added. -02D-
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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