Trade Environments between India and Countries of the Caucasus Region: Challenges and Government Initiatives

Trade Environments between India and Countries of the Caucasus Region

Abstract

The paper discussed trade environments between India and countries of the Caucasus region. It has found that India has trade surplus over Armenia, Azerbaijan and Georgia. International relations between Armenia and India are described as friendly. Both countries have good relations in the fields of business, culture, military and technology. Bilateral trade has grown in recent years but its capacity remains low. Trade relations between India and Azerbaijan continue to grow. India is Azerbaijan's seventh largest trading partner. India has a well-established pharmaceutical industry in Azerbaijan and Indian pharmaceutical companies operate out of Azerbaijan. India and Azerbaijan are committed to exploring future prospects in renewable energy, energy, and various oil, gas and future pipelines. India and Georgia has strong bilateral relations. Georgia's main exports include steel, fertilizer, and hazelnuts. Its main imports are oil, machinery, food, and pharmaceuticals. Therefore, there are more scope for increasing trade between India with the countries of Caucasus region