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Trade turnover between Azerbaijan and Russia can be really brought up to $4 billion in the long term, Russian Economic Development Minister, Alexei Ulyukayev said here at a press conference.
“The trade turnover is at a good pace, and by our estimates it has reached $3.6 billion, and at the same time it doesn’t reflect the existing potential,” the minister said, adding that $3.6 billion is about 5 percent of Azerbaijan’s GDP and less than one percent of Russia’s GDP.
Ulyukayev said the logistical limitations and imperfections in the legal and contractual framework are the main factors hindering the development of trade relations between the two countries.
“It is necessary to work on the settlement of these problems. And during the meeting with Azerbaijani Economy and Industry Minister Shahin Mustafayev, we also discussed such issues as the construction of logistics centers in the two countries, the mechanisms of developing the transit transportations by motor vehicles and railway, and other problems and prospects of trade and economic cooperation,” the Russian minister added.
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