Azernews.Az

By Ayya Lmahamad

Azerbaijan and Russia have signed a memorandum of understanding on cooperation in the sphere of competition, Azernews reports.

The document was signed by the Azerbaijani State Service for Antimonopoly and Consumer Market Control Head Mammad Abbasbeyli and Russian Federal Antimonopoly Service Head Maxim Shaskolsky.

The memorandum was signed during the visit of a delegation of Azerbaijan’s State Service for Antimonopoly and Consumer Market Control to Belarus and reflects issues on cooperation development in the fields of competition policy, experience exchange, and others.

To note, the representatives of the state service also participated in the 53rd meeting of the Interstate Council on Antimonopoly Policy of CIS countries.

Azerbaijan and Russia cooperate in different sectors, such as economy, agriculture, customs, communications, high technology, and others. Over 230 intergovernmental and intercompany documents have been signed between the two countries and six "road maps" are being implemented.

Azerbaijan's investments in the Russian economy have exceeded $1.2 billion, with the majority of the investments being in the non-oil sector. In addition, Russian investments in Azerbaijan's economy totaled $6.3 billion with $5 billion in the oil sector and $1.3 billion in non-oil sectors.

The trade turnover between Azerbaijan and Russia amounted to $2.9 billion in 2021, making Russia Azerbaijan’s third-largest partner.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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