The document provides for the expansion of bilateral cooperation in the field of oil and gas, petrochemistry, renewable energy sources.

Subject to approval from the government of Azerbaijan, the deal, with an effective date of 1 July 2021, is expected to complete in the fourth quarter of 2021.

Little common ground has been found on the main issues separating the two ex-Soviet states – principally the restoration of blocked transit routes, now the focal point of attempts to move on from the hostilities.

Baku expects more gold output to be produced at deposits in the territories previously occupied by Armenian forces and spends millions of dollars for infrastructure projects in Nagorno-Karabakh and surrounding regions.

The growth forecast for the region was increased to 4.1 percent in 2021 from a previous projection of 3.6 percent in July and 3.4 percent in April.