Russia – Azerbaijan 2021 Bilateral Trade Hits US$3 Billion
The Russian Ambassador to Azerbaijan, Mikhail Bocharnikov said at a press conference yesterday (January 25) that bilateral trade between the two countries had reached US$2.9 billion for the January-November period of 2021, indicating that the likely bilateral trade volume once December was included would be over US$3 billion.
This is an increase of about 10% over the 2020 figures, indicating an upturn after Covid. Bilateral trade is focused mainly on the energy sector, with Azerbaijan exporting about US$900 million in goods to Russia, with some trade in agricultural produce. Russia exported about US$2.1 billion of products to Azerbaijan. Both countries are members of the Commonwealth of Independent States, a trade bloc that also includes Armenia, Belarus, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, and Uzbekistan.
Russian investments in Azerbaijan meanwhile have reached over US$4.2 billion, again mainly in the energy and chemicals industry.
Azerbaijan has been involved in a regional conflict with neighbouring Armenia and has been concentrating recent efforts on developing
trade ties with Turkey and Iran. The Azeri capital, Baku, is part of the International North-South Transport Corridor and an important Caspian Sea Port providing Central Asia trade access to the Caucasus, Russia, Turkey, and Europe.
Russia Briefing is written by Dezan Shira & Associates. The firm has 28 offices throughout Eurasia, including China, Russia, India, and the ASEAN nations, assisting foreign investors into the Eurasian region. Please contact Maria Kotova at firstname.lastname@example.org for Russian investment advisory or assistance with market intelligence, legal, tax and compliance issues throughout Asia.