Iran, Azerbaijan mull trade issues
By Sara Rajabova
Azerbaijani Economy and Industry Minister Shahin Mustafayev has met with Iran's Ambassador to Baku Mohsen Pak Ayeen.
The sides discussed the prospects for expansion of economic ties and cooperation between the two countries, AzerTag state news agency reported.
The questions stemming from the protocol signed on the outcomes of the 9th meeting of the State Commission on economic, trace and humanitarian cooperation between Azerbaijan and Iran were also discussed.
The document signed on August 6, 2014 said Azerbaijan and Iran will expand cooperation in the fields of trade, economy, banking sector and investing in the joint projects.
The two sides expressed interest in developing their cooperation in transporting Azerbaijani gas to Iran and in selling it, as well as increasing the volume of 'swap' operations for supplying Azerbaijani gas to Nakhchivan Autonomous Republic through Iran.
Moreover, the two countries also agreed to intensify the cooperation in transportation and exchange of electricity, to create hydropower plants on the border rivers (Ordubad, Marazad and others) and to work out rules for using the water of border rivers, in particular the Araz River.
Azerbaijan and Iran also intended to develop the cooperation within the North-South (Russia-Azerbaijan-Iran) railway corridor, in the spheres of maritime shipping, customs, tourism, science and research, IT, agriculture, culture and heath care.
In 2013, the trade turnover between Azerbaijan and Iran increased by 7 percent. Some 441 companies with Iranian investment operate in various sectors of the Azerbaijani economy. Iran has invested $382 million in the main capital and $105 million in Azerbaijan's non-oil sector. In 2013, the volume of Iranian investment in Azerbaijan's main capital amounted to $158 million.