Indian Economy News

India, Azerbaijan hold 5th round of foreign office consultations

  • IBEF
  • November 30, 2022

The fifth round of foreign office meetings between India and Azerbaijan took place on November 28 in New Delhi and covered a wide range of topics related to political and economic relations, said the Ministry of External Affairs (MEA) on Tuesday.

India and Azerbaijan are celebrating the 30th anniversary of the establishment of their diplomatic ties this year. One of the first nations to acknowledge Azerbaijan's independence was India in 1991.

The two nations have effectively broadened their collaboration, notably in the trade, business, and energy sectors. Trade between the two countries has expanded and is now worth about US$ 1 billion (January-September 2022).

India is increasingly receiving significant amounts of crude oil from Azerbaijan. The hydrocarbon industry in Azerbaijan is an important area of interest for ONGC Videsh Limited.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.