Azerbaijan, Italy trade turnover hit $2.5bn in Q1 [PHOTO]

By Ayya Lmahamad

The volume of trade turnover between Italy and Azerbaijan increased by 13.82 percent year-on-year in January-April, amounting to $2.5 billion, the official website of Azerbaijan’s Energy Ministry has reported with reference to the videoconference of the two countries’ Joint Intergovernmental Commission on economic cooperation.

It was noted during the video conference that the volume of import and export also increased by 14.50 and 13.77 percent in 2020 respectively.

Between January-April 2020, Italy's share in Azerbaijan's foreign trade turnover was 26.36 percent (1st place), including 38.15 percent in exports (1st place) and 4.39 percent in imports (6th place).

The videoconference was held in a bid to discuss the tasks set by the president during his visit to Italy in February this year, as well as the status of execution of the signed documents.

The videoconference was attended by Energy Minister Parviz Shahbazov and State Secretary of Italy for Foreign Affairs and International Cooperation Manlio Di Stefano, representatives of the Ministry of Foreign Affairs, Ministry of Economy of Azerbaijan, SOCAR, Azerbaijan Investment Company OJSC, AZPROMO, State Oil Fund of Azerbaijan Republic, Ministry of Foreign Affairs, as well as International Cooperation of Italy and several Italian companies.

During the conference, views were exchanged on the current situation and prospects for international cooperation, bilateral relations during the coronavirus pandemic.

Moreover, the sides discussed measures taken in the country to fight COVID-19, allocation of $10 million by the Azerbaijani government to the World Health Organization, as well as provision of humanitarian aid to the countries suffering from the pandemic, including Italy.

Co-Chairman of the Commission and Energy Minister Parviz Shahbazov noted that the state visit of Azerbaijani President to Italy on 20-21 February was historic in terms of further development of relations between the two countries.

"During this visit, which further strengthens the strategic approaches to political and economic relations of friendly partner countries, agreements were reached that will allow to see the benefits of Azerbaijan-Italian partnership in all areas, as well as in regional and global spheres. Despite the difficulties associated with the pandemic, we must continue our efforts to implement the action plan on strengthening the multidimensional strategic partnership,” he said.

Furthermore, it was considered expedient to hold the first meeting on Azerbaijan-Italian strategic dialogue in the third quarter of 2020 and to hold regular political consultations between the foreign ministries of both countries, as well as to strengthen inter-parliamentary cooperation and contacts within international organizations.

State Secretary of the Ministry of Foreign Affairs and International Cooperation of Italy Manlio Di Stefano expressed his gratitude to the president and the government of Azerbaijan for their assistance in a difficult period.

He assessed this support as an indicator not only of the strategic partnership between Azerbaijan and Italy, but also of sincere friendship. He also expressed Italy's support to the Azerbaijani president's initiative to hold a special session of the UN General Assembly at the level of heads of state and government on the COVID-19 pandemic.

Moreover, Manlio Di Stefano noted that Azerbaijan is an important partner of Italy.

"Last year Azerbaijan was the largest supplier of crude oil to Italy. The state visit of the President of Azerbaijan is a solid foundation for multilateral development of relations between the two countries at a new stage, based on strong energy cooperation,” he stated.

Likewise, during the meeting was touched upon an issues of strengthening economic cooperation, including the expansion of investment cooperation, as well as Issues arising from the documents on cooperation signed with Ansaldo Energia, Snam S.p.A., Cassa Depositi Presti SpA, Leonardo, IMA, Italian Trade Agency (ICE) and Simest.

The importance of timely coordination of the projects of "Agreement on Protection and Promotion of Mutual Investments between the Republic of Azerbaijan and the Italian Republic" and "Memorandum of Understanding and Cooperation between the Ministry of Economy of the Republic of Azerbaijan and Guardia di Finanza of Italy" was also noted.