Jaishankar in Baku: can trade and transport help Azerbaijan and India repair ties?
Indian foreign minister Jaishankar visited Baku, the first trip by an Indian FM in eight years, as both sides try to mend ties after the 2025 clash.
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what happened
According to Moody's, Indian Foreign Minister S Jaishankar made a one-day visit to Azerbaijan on Friday. In talks with his counterpart Jeyhun Bayramov, he described the discussions as highly constructive. The two sides agreed to coordinate more closely on the International North-South Transport Corridor (INSTC), which could widen India's access to markets across Eurasia.
The Indian Embassy in Baku puts bilateral trade at $401 million for 2025, with Indian exports at $226 million and imports from Azerbaijan at $175 million, mostly crude oil. ONGC Videsh holds stakes in the ACG fields and the BTC pipeline. Indian tourist arrivals fell from 243,589 in 2024 to roughly 166,944 in 2025, after a boycott by Indian citizens over Baku's backing of Pakistan.
why it matters
For markets this story is more political than financial. Its energy relevance is limited, since imports from Azerbaijan are mainly crude and ONGC Videsh's stakes in ACG and BTC are small. The key question is whether this diplomatic thaw turns into concrete projects in trade, energy and transport.
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- Jaishankar in Baku: Can trade and connectivity help Azerbaijan reset ties with India after Operation Sindoor fallout? — Moody's, 25 October 2026 at 00:18 UTC
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