Baku Summit Focuses on Economic Projects

Baku Summit Focuses on Economic Projects Baku Summit Focuses on Economic Projects

Iran, Russia and Azerbaijan explored cooperation on joint economic projects and regional security issues in a trilateral summit in the Azeri capital Baku on Monday.

Among the main issues discussed between President Hassan Rouhani and his Russian counterpart, Vladimir Putin, and the host, Ilham Aliyev, was how to proceed with the International North-South Transport Corridor project.

INSTC is a major initiative that seeks to connect India to Europe and Central Asia via Iran and Azerbaijan.

The corridor is aimed at bolstering trade links between major cities such as Mumbai, Moscow, Tehran, Baku, Bandar Abbas, Astrakhan and Bandar Anzali.

The economies of the three countries and those of dozens of other states are expected to benefit from the project.

Talks included a follow-up of consultations on the construction of the Rasht-Astara Railroad, which have been ongoing since 2008 as part of the corridor project.

It involves the construction of 369 km of bridges and railroads to link southern sections to northern ones. Once completed, 22 new tunnels and 15 bridges will have been added to the route.

The meeting also covered discussions on how to boost trilateral economic cooperation, particularly in the energy sector.

In addition, Rouhani and his counterparts exchanged views on a number of pressing regional and international problems, with a special focus on the fight against terrorism.

Also raised in the summit were issues such as the lingering differences over the Caspian Sea legal regime, including how to determine the territorial rights of littoral states.

A joint declaration was released at the end of the event, in which the participants announced a decision to form working groups to pursue cooperation in the areas of mutual interest.