22 October 2018

Azerbaijan, Iran see growth in trade

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The trade turnover between Azerbaijan and Iran, the two neighboring countries bound by historical ties and close cooperation relations, boosted by 30 percent in the first quarter of 2016.

This achievement was revealed by Azerbaijan's Economy and Industry Minister Shahin Mustafayev at a meeting with Iran’s Deputy Foreign Minister for Asia-Pacific Affairs Ebrahim Rahimpour in Baku on April 6.

He said that Azerbaijan and Iran have created a strong legal base for further development of economic relations.

"Successful economic cooperation has been established between the countries, and trade turnover increased by 30 percent in the first quarter of the year. Currently, work is underway to expand ties in the field of agriculture, tourism, banking and transport. Development of transport corridors, including the North-South corridor, will also contribute to the expansion of relations between Azerbaijan and Iran," he added.

Rahimpour, in turn, noted that Iran is very interested in expanding ties with Azerbaijan in various fields.

Azerbaijan and Iran have had diplomatic relations since 1918. Iran recognized Azerbaijan's independence in 1991 and diplomatic relations between the two countries were reestablished in 1992.

Currently, the two countries are focused on expanding economic ties in various fields, including industry, agriculture, energy, alternative energy, and transportation.

In 2015, the trade turnover between the two countries amounted to $ 123.786 million.

President Ilham Aliyev's Tehran visit on February 23 has opened new opportunities and prospects for cooperation of the two countries in various sectors.

After the western sanctions were lifted from Iran, it has repeatedly expressed intention to improve trade with neighboring Azerbaijan in a bid to make up for the recent decline in trade turnover between the two countries.

The Islamic Republic has unilaterally waived visa requirements for Azerbaijanis since 2009 in a move to demonstrate that Tehran is looking forward to fostering closer relations with Baku.

The Iranian government is also making attempts to operate customhouses round the clock at the border with Azerbaijan, so as to facilitate the smooth movement of passengers and goods between the two countries.

2016.04.07 / 12:06
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