India and Azerbaijan have agreed to take steps to boost bilateral trade as the two-way commerce between the countries was far below the potential, an official statement said Friday.
The issues were discussed during the fifth meeting of the India-Azerbaijan Inter-Governmental Commission on Trade and Economic, Science and Technology Cooperation here.
The meeting was co-chaired by Union Minister of Commerce and Industry Suresh Prabhu and Minister of Ecology and Natural Resources of the Government of Republic of Azerbaijan, Mukhtar Babayev.
"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," the Commerce Ministry said.
The two sides agreed to take measures to enhance trade relations and expand business tie-ups between the countries, it added.
Bilateral trade between the countries stood at USD 657.9 million in January-August 2018.
The two sides emphasised to further strengthen and expand their cooperation in trade and investment, transportation, energy and hydro-carbons, SMEs, agriculture, food safety, tourism, health and pharmaceuticals, space, education and scientific research, chemicals and petrochemicals and mining.
"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," it added.