Economy, Domestic Economy

Tehran, Baku Boost Transport, Trade Ties

Tehran, Baku Boost Transport, Trade TiesTehran, Baku Boost Transport, Trade Ties

Iran and Azerbaijan are boosting trade and transportation ties, following the new agreements reached during a joint intergovernmental commission held in Baku and Nakhchivan last week.

The two sides agreed to reduce transit fees to $100 from the current $160 for each truck crossing the common border, Mehr News Agency reported, quoting Mohammad Javad Atrchian, an official with Road Maintenance and Transportation Organization affiliated to Iran’s Ministry of Roads and Urban Development.

He said the agreement would take effect within a few months and that the decision was “among the most important achievements of the joint commission”.

The 11th meeting of Iran-Azerbaijan Economic Commission opened in Baku on Tuesday and continued on Wednesday. The third day of the session was held in Nakhchivan on Thursday.

The event was co-chaired by Iran’s Minister of Communications and Information Technology Mahmoud Vaezi, who was accompanied by a 100-member delegation, and Azerbaijan’s Economy Minister Shahin Mustafayev.

According to Iran’s Ambassador to Azerbaijan Javad Jahangirzadeh, Iran and Azerbaijan have also agreed to consider concessions in customs duties for 60 commodities traded between the two countries.

The two sides have yet to decide which items will be included in the list of commodities that would enjoy concessions, he said, adding that the move is aimed at “easing bilateral trade relations”.

Jahangirzadeh said boosting cooperation in agriculture, banking, health and rail transport was also among topics discussed by the joint commission.

Trade between Azerbaijan and Iran amounted to $175 million in January-November 2016, $130.13 million of which accounted for imports from Iran, according to the State Customs Committee of Azerbaijan.


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