Russia and Azerbaijan sign bilateral cooperation 2024-2026 roadmap

Russian Deputy Prime Minister Alexei Overchuk and Azerbaijani Deputy Prime Minister Shahin Mustafayev signed a roadmap on the main areas for enhancing Azerbaijani-Russian cooperation, the Azerbaijani government's press service said.

"The deputy prime ministers signed a roadmap on the main areas for developing Azerbaijani-Russian cooperation in 2024-2026 following the meeting. The document envisages taking specific steps to promote cooperation in the trade, economic, investment, transport, industrial, and agricultural sectors, and regarding food security, as well as in the energy, tourism, humanitarian and social, innovative, information and technological sectors," the statement reads.

Mustafayev and Overchuk noted that "as a result of implementing measures as part of the 'roadmaps of Azerbaijani-Russian cooperation in 2018-2023,' a steady pace to Azerbaijani-Russian trade and economic relations has been ensured, [and] bilateral trade has more than doubled compared to 2017 and topped $4.3 billion last year," it said.

In addition, total freight traffic between Azerbaijan and Russia rose 87% in 2023 compared to 2017, including a nearly fourfold increase in the volume of transit goods. Freight shipments along the North-South International Transport Corridor (ITC) rose 44% compared to 2017.

"The significance of successful projects which are being implemented in the area of mutual investment was noted at the meeting, and the prospects for expanding cooperation in this area were discussed. Regarding the North-South ITC, the parties highlighted the importance of joint efforts for the corridor to operate at full capacity," it said.

The parties also discussed the prospects for Azerbaijani-Russian cooperation in energy, agriculture, improving customs and border infrastructure, and the humanitarian and many other spheres.

The sides expressed satisfaction with the development of cooperation in the field of transport and logistics, noting that there are wide opportunities in this direction. Concerning the importance of the international transport corridor "North-South," the importance of joint efforts for the corridor to work at full capacity was emphasized.

The Road Map envisages the adoption of concrete steps to develop cooperation in

trade, economics and investment, transportation, industrial, agrarian, energy, tourism, humanitarian and social spheres, food security, innovation, and information technology.