Deputy PM: Azerbaijan-Iran trade up by 22 pct

22 November 2021 13:10 (UTC+04:00)

By Ayya Lmahamad

Azerbaijani Deputy Prime Minister Shahin Mustafayev has said that the trade turnover between Azerbaijan and Iran has increased by 22 percent in the first nine months of 2021.

He made the remarks at a meeting with the Iranian roads and urban development minister in Tehran on November 21.

Noting that the trade turnover has increased despite the fact that the coronavirus pandemic has had a negative impact on the global economy, the minister stated that the transportation between the two countries did not stop.

“We need to build new transport infrastructure, including bridges, to further develop economic relations between the two countries,” he said.

Mustafayev noted that working groups of Azerbaijan and Iran are currently working on a document on preferential trade between the two countries.

He stated that the development of trade relations between Azerbaijan and Iran is being discussed, adding that there are joint projects in the energy, electricity fields, which are already being completed.

“There is possible cooperation with Iran in the production of auto parts. We can also cooperate with Iran in the agricultural machinery field,” he said.

The deputy prime minister added that 2,000 Iranian companies are registered in Azerbaijan and that they have implemented successful projects.

Mustafayev emphasized that the North-South corridor from Iran to Azerbaijan and Russia is one of the projects that both countries are working on. He added that the oil and gas sphere was also discussed.

“The joint working group continues discussions. Azerbaijan and Iran cooperate in the electricity field. We are working on the synchronization of the power grids of Iran and Russia,” he said.

The deputy prime minister said that the next meeting of the joint commission of the two countries will be held in Baku.

The parties also stressed the importance of strengthening efforts for the sustainable development of relations between the two countries. They discussed the opportunities and prospects for cooperation in oil and gas, transport, energy, transit, joint industrial and investment projects, information and communication technologies, agriculture, humanitarian and other spheres.

It should be noted that the trade turnover between Azerbaijan and Iran amounted to $339.1 million in 2020. This figure was $293.2 million in the first nine months of 2021.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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