India and Azerbaijan signed a protocol on trade and economic, science and technology cooperation on October 12, 2018, during the 5th meeting of India-Azerbaijan Inter-Governmental Commission on Trade and Economic, Science and Technology Cooperation (IA-IGC) that was held from October 11-12, 2018 in New Delhi. The meeting was co-chaired by Union Commerce Minister Suresh Prabhu and Minister of Ecology and Natural Resources of the Government of Republic of Azerbaijan, Mukhtar Babayev.
1. During the meeting, both India and Azerbaijan exchanged views on the current economic situation and reviewed the current status of bilateral trade, investment and their cooperation in the fields of trade, economy, science and technology.
2. The nations emphasised to further strengthen and expand their cooperation in trade and investment, transportation, energy and hydrocarbons, SMEs, agriculture, food safety and environmental protection, tourism, culture, health and pharmaceuticals, space technology, education and scientific research, chemicals and petrochemicals and mining.
3. The trade turnover between India and Azerbaijan in January-August 2018 was USD 657.9 million.
4. The two nations felt that the bilateral trade was far below the potential and there was a need to step up the cooperation to enlarge the trade basket and increase bilateral trade and investment.
5. The two nations also agreed to take measures to enhance trade relations and expand business relations between the two countries.
6. The nations also decided to send trade delegations to raise awareness regarding economic developments and reforms in the two countries and have the regular exchange of information about trade exhibitions, fairs, conferences and other business events.
7. They also agreed to convene the next meeting of the India-Azerbaijan Inter-Governmental Commission on Trade, Economic, Science and Technology co-operation in Baku.
8. The dates for the meeting will be mutually agreed through diplomatic channels.