Iran, Azerbaijan Discuss Expansion of Economic Ties
TEHRAN (Tasnim) – Iranian and Azeri officials explored avenues for the enhancement of mutual economic ties, with both underlining the need for modifying the banking relations to reach that goal.
In a meeting in Tehran on Sunday, Iranian Minister of Communications and Information Technology Mahmoud Vaezi and the Republic of Azerbaijan’s Ambassador to Iran Javanshir Akhundov discussed the initiatives for increasing the current trade volume between the two neighbors.
“The initial negotiations have been conducted and the two countries can increase their trade volume to beyond $500 million,” Vaezi said in the meeting, adding that the mutual cooperation has entered a new phase following Azeri President Ilham Aliyev’s recent trip to Iran.
Vaezi who is also the head of Iran-Azerbaijan joint economic commission emphasized the necessity of developing cooperation in areas such as railway, roads, and dam construction.
Akhundov, for his part, reiterated his country’s determination to expand all-out ties with Iran.
The envoy also voiced his support for both sides’ private sectors as a means to help flourish the two countries’ economies.
In April and during President Ilham Aliyev’s trip to Iran, high-ranking officials from the two countries signed three memoranda of understanding and a cooperation agreement.
Azerbaijan and Iran have had diplomatic relations since 1918. Iran recognized Azerbaijan's independence in 1991, and diplomatic relations between the two countries were established in 1992.
