Trade Chamber between Azerbaijan, Italy established

/By AzerNews/

By Amina Nazarli

Italy-Azerbaijan Trade Institute has received a status of Italy-Azerbaijan Trade Chamber and has been registered by the Italian Economic Development Ministry.

Italian AGI news agency and Askanews news portal have released a relevant statement of Azerbaijan`s Embassy in Rome.

The statement notes that since its establishment in 2012, Italy-Azerbaijan Trade Institute has contributed to the strengthening of economic relations between the two countries.

Being one of Azerbaijan's major partners in Europe, Italy has been Azerbaijan's number one trade partner for the last eight years. It is the largest importer of Azerbaijani goods.

Currently, 45 Italian companies are operating in Azerbaijan in insurance, banking, trade, and other areas.

Italy has become the biggest trade partner of Azerbaijan in importing crude oil and oil products and mainly exports pipes for the oil sector, tobacco, leather and furniture to Azerbaijan.

The trade turnover between Azerbaijan and Italy amounted to $554.8 million in January-February 2015, according to the Azerbaijani State Customs Committee. Some $485.7 million accounted for the export from Azerbaijan, and $69 million for import.

Italy recognized Azerbaijan's independence in 1991. The diplomatic relations between the two countries were established in 1992.