Current Affairs 14th October 2018

Current Affairs 14th October 2018 - Important Points

India-Azerbaijan sign protocol on trade, economic cooperation on - 12th October 2018

 Current Affairs 14th October 2018 - Details

India-Azerbaijan sign protocol on trade, economic cooperation on - 12th October 2018

India and Azerbaijan signed a protocol on trade and economic, science and technology cooperation on 12th October 2018, during the 5th meeting of India-Azerbaijan  Inter-Governmental Commission on Trade and Economic, Science and Technology Cooperation (IA-IGC) that was held between 11th and 12th October 2018 in New Delhi.

The Union Commerce Minister Suresh Prabhu and Minister of Ecology and Natural Resources of the Government of Republic of Azerbaijan, Mukhtar Babayev co-chaired the meeting.

Imprtant Highlights

• Both India and Azerbaijan exchanged views on current economic situation and reviewed the current status of bilateral trade, investment and their cooperation in the fields of trade, economy, science and technology during the meeting.
• The countries emphasised to further strengthen and expand their cooperation in trade and investment and hydro-carbons, SMEs, agriculture, transportation, energy, food safety and environmental protection, tourism, culture, health and pharmaceuticals, space technology, education and scientific research, chemicals and petrochemicals and mining.
• The trade turnover between India and Azerbaijan in January-August 2018 was USD 657.9 million approximately.
• Both the nations realised that the bilateral trade was far below the potential and there was a need to step up the cooperation to boost the trade basket and enhance bilateral investment and trade.
• Both the nations also agreed to take measures to boost trade relations and expand business relations between both the countries.