New Delhi, Oct 13 (KNN) With the view to further strengthen and expand the cooperation in trade and investment, transportation, energy and hydro-carbons and SMEs, Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu and Minister of Ecology and Natural Resources of the Government of Republic of Azerbaijan, Mukhtar Babayev, signed protocol in the 5th meeting of India-Azerbaijan Inter-Governmental Commission on Trade and Economic, Science and Technology Cooperation (IA-IGC), New Delhi.

Aizerbaijan is a country in the South Caucasus and variously considered parts of Europe and Asia.

The two sides 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.

Both sides felt that bilateral trade was far below the potential and there was a need to step up the cooperation to enlarge the trade basket and increase bilateral trade and investment.

They agreed to take measures to enhance trade relations and expand business relations between the two countries.

It was decided to send trade delegations to raise awareness regarding economic developments and reforms in the two countries and have regular exchange of information about trade exhibitions, fairs, conferences and other business events.

They also agreed to convene the next meeting of the India-Azerbaijan Inter-Governmental Commission on Trade, Economic, Science and Technology co-operation in Baku.

Trade turnover between India and Azerbaijan in January-August 2018 was USD 657.9 million.