Economy, Domestic Economy

Trade With Azeris Could Reach $10b

Trade With Azeris Could Reach $10bTrade With Azeris Could Reach $10b

Iran and Azerbaijan can increase their annual bilateral trade to $10 billion, minister of information and communication technology, Mahmoud Vaezi has said.

“I think this target is within reach. But there are necessary steps we need to take first to pave the ground for achieving this target,” Vaezi, who co-chairs the Azerbaijan-Iran intergovernmental commission on economic, trade and humanitarian cooperation, was quoted by Baku-based Trend news agency as saying.  

He said that for the development of relations between Iran and Azerbaijan it is needed to regulate banking and customs relations to create favorable conditions for freight transport, and also to boost cooperation between the private sectors of the two neighboring countries.

The official also called for the strengthening of cooperation between the two countries in oil and gas industry. He pointed to the need for increasing mutual investments by Iranian and Azerbaijani investors.

“The two sides have previously signed an agreement on mutual investment, and it is still in force,” Vaezi said.

He announced that President Rouhani will embark on a two-day visit to Azerbaijan on November 12.

“It is planned, as part of my visit, to discuss the documents that are to be signed during President Rouhani’s visit,” Vaezi said. These documents, he added, are mainly aimed at developing cooperation between the two countries in importing electricity from Azerbaijan, facilitating customs procedures, and improving relations in transportation, tourism and insurance.

Trade exchanges between Iran and Azerbaijan totaled $144.05 million from January-September 2014, according to the State Customs Committee of Azerbaijan. In 2013, the two countries exchanged $1 billion of goods and services, which indicated 23 percent increase compared to the bilateral trade between Tehran and Baku in 2012.