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Azerbaijan's Economy Minister Mikayil Jabbarov has discussed the expansion of trade relations with Israel and Iran.

Cooperation with Israel

During the meeting with the Israeli Finance Minister Avigdor Liberman, the parties discussed the prospects for expanding trade relations and new opportunities for cooperation.

"During the meeting with Minister of Finance of Israel Avigdor Liberman, we had fruitful discussions on the current state of Azerbaijani-Israeli economic relations, prospects for expanding trade relations and new opportunities for cooperation," Mikayil Jabbarov wrote on his official Twitter page.

Azerbaijan and Israel have been expanding bilateral cooperation over the years.

It should be noted that Azerbaijan and Israel's cooperation is founded not only on economic partnership but also on traditional historical and cultural roots, as well as mutual respect and trust. Israel was one of the first countries to recognize Azerbaijan's state independence and establish diplomatic relations.

Furthermore, during the 44-day Second Karabakh War, Israel was among the first countries to express support for Azerbaijan's just position and territorial integrity. Azerbaijan expressed its willingness to involve Israel in the restoration of the country's newly liberated territories in January 2021. As a result, Israel will construct a buffalo farm in Azerbaijan's liberated Zangilan region.

Azerbaijan established its first Trade and Tourism Representative Office in Israel last year.

In 2021, the two countries' trade turnover totaled $928.4 million.

Cooperation with Iran

At the same time, during the meeting with Iranian Deputy Foreign Minister for Economic Diplomacy Mehdi Safari, the sides considered the possibility of expanding trade relations.

"During the meeting with Mehdi Safari, Deputy Foreign Minister of the Islamic Republic of Iran for Economic Diplomacy, we discussed the current state and prospects of economic cooperation between our countries. We also considered the possibility of expanding trade relations," the minister wrote on Twitter.

Azerbaijan and Iran signed a memorandum of understanding on March 11 to establish new communication links between the East Zangazur economic region and the Nakhchivan Autonomous Republic via Iranian territory. The implementation of this project will put an end to Armenia's long-term policy of blockading Nakhchivan.

In 2016, Azerbaijan and Iran agreed to build the Khudafarin and Giz Galasi hydro junctions and hydroelectric power plants on the Araz River. They have a total capacity of over 1.6 billion cubic meters. It will have the capacity to generate 716 million kilowatt-hours of electricity per year. These hydro junctions and hydroelectric power plants will allow both sides to share the Araz River's water and energy resources.

After liberating its lands from Armenian occupation in the 44-day war in 2020, Azerbaijan regained control over a 132-km section of the Azerbaijan-Iran border. The re-establishment of control over the state border opened up new prospects for deeper cooperation between the two countries.

The trade turnover between Azerbaijan and Iran in 2021 was $440.8 million.

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