A memorandum of understanding was signed between head of North Khorasan Province Chamber of Commerce, Industries, Mines and Agriculture, Mohammad Samadi and head of Azerbaijan Republic Chamber of Commerce and Industries, Niyaz Ali-zada in Baku on Friday. The agreement stipulates expansion of two-way trade and investment, IRNA reported. Heading a delegation from the northeastern province of North Khorasan, Samadi arrived in Baku on Wednesday to explore venues for mutual cooperation with representatives of the northwestern neighboring country’s public and private sectors. Iran’s exports to Azerbaijan were worth $232 million in the last fiscal year that ended in March, registering a 47.5% decline. Imports stood at $32.3 million to record a 43.5% rise, according to the Islamic Republic of Iran Customs Administration.
