TEHRAN The 16th conference of the Iran-Azerbaijan Joint Economic Committee started in Tehran on Tuesday, where Amin Taraffo, head of the International Affairs Center at Irans Transport and Urban Development Ministry, announced a considerable boost in trade between the 2 countries.Trade between Iran and Azerbaijan reached $480 million in 2023, and this figure has actually grown by 20 percent, reaching $580 million in 2024, Taraffo said during the opening session of the meeting at the Espinas Palace Hotel.The main highlighted the deep combination of the two nations economies, particularly in transport and facilities.
Tasks such as the Astara border bridge and the nearing completion of the Aghband Bridge were mentioned as milestones in bilateral cooperation.
Furthermore, efforts are underway to establish the Aras Corridor, a task created to link Azerbaijan to Iran via road and rail.The conference also covered partnership in energy, including electrical energy, oil, and gas.
Authorities went over services to shared difficulties through professional groups, intending to reinforce cooperation in banking, energy, and infrastructure.Advancing International North-South Transit CorridorTaraffo reiterated Irans commitment to advancing the International North-South Transit Corridor, targeting a capability of 10 million lots of goods.He kept in mind the crucial function of shared borders between Iran, Azerbaijan, and Nakhchivan in assisting in trade for local countries.He added that the two-day committee, resuming after a three-year hiatus, includes technical and expert conversations on economic, cultural, and transportation issues.The outcomes will be completed with the finalizing of an arrangement in between Irans Transport Minister Farzaneh Sadegh and Azerbaijans Deputy Prime Minister Shahin Mustafayev.The conference likewise examined the construction and operation of new border terminals and bridges to improve connectivity.Taraffo expressed hope that the talks would deal with existing difficulties and prepared for expanded cooperation in trade and transportation.In a related development, Irans Minister of Economic Affairs Abdolnaser Hemmati discussed the role of financial systems in improving trade volume with Azerbaijan throughout a different meeting with Mustafayev.Azerbaijani authorities pledged to follow up on banking and insurance coverage matters to even more boost bilateral trade.Bolstering energy cooperationIn another conference with Mustafayev, Iranian Oil Minister Mohsen Paknejad highlighted the importance of sustained energy cooperation with Azerbaijan.According to the Shana news company, the conference occurred on Tuesday, January 21, with discussions centered on enhancing bilateral ties.Paknejad highlighted that such conferences play a pivotal role in advancing relations between the two nations, particularly in energy.In Irans diplomacy, neighbors hold a special concern, and Azerbaijan occupies a special position, he said.He also revealed the formation of a joint task force to facilitate tactical and technical partnership in the energy sector.Mustafayev, in his remarks, kept in mind that this was his second conference with the Iranian oil minister in the past three months.He emphasized the significance of mutual visits in promoting understanding of each nations capacities and infrastructure.
The relations in between Iran and Azerbaijan are established on shared spiritual, cultural, and fraternal ties, Mustafayev specified, including that Azerbaijani President Ilham Aliyev puts terrific value on these ties, which serve shared national interests.During a meeting in between Paknejad and Mustafayev back in mid-October 2024, the Iranian official required the formation of a joint working group in order to pursue and speed up bilateral cooperation, especially in the field of energy.During the meeting, Paknejad stated the 2 nations have a great deal of cultural, historic and national similarities, which will assist bring the two countries closer to each other.While emphasizing the improvement of cooperation in between the 2 nations, he said that next-door neighbors have a priority in Irans diplomacy and that the position of the Republic of Azerbaijan is unique among them.Stating that the field of oil and energy is among the axes for the development of economic relations between the 2 countries, Paknejad stated Iran welcomes any efforts proposed by Azerbaijan to boost the level of cooperation, including that such cooperation needs the necessary infrastructure.The deputy prime minister of Azerbaijan, for his part, stated that the 2 neighbors have comprehensive relations, which are based on old roots.Mustafayev likewise met with Irans Minister of Economic Affairs and Finance Abdonnasser Hemmati throughout which the Iranian side said the nation is figured out to expand its trade ties with neighboring Azerbaijan.Hemmati said the size of trade in between Iran and Azerbaijan, which is around $400 million annually, is extremely low and does not match the state of relations between the two countries.Azerbaijan has a special significance for us, we had some excellent talks on the function of monetary and banking systems in the expansion of trade, stated the minister.Hemmati said he and Mustafayev had actually concurred in their conference that communication in between the banking and insurance organizations of Iran and Azerbaijan ought to broaden to permit a boost in trade relations in between the two countries.Mustafayev likewise fulfilled Iranian Energy Minister Abbas Aliabadi.During the conference, the Iranian minister called for increasing electricity exchange with surrounding countries.Mentioning that Iran and Azerbaijans power grids are already connected and the two countries are exchanging electrical power, Aliabadi expressed hope that the level of exchanges will increase soon.The electrical connection in between Iran and Azerbaijan is now developed, and it is hoped that this will increase by the summer season of next year; It is also recommended that settlements be held between Russia, Azerbaijan, Iran, the UAE, and Saudi Arabia to expand cooperation in the electricity sector, the minister said.Negotiations have likewise been accepted Russia and it was chosen to follow up on this concern in an upcoming meeting.
The establishment of a power line between the two nations will be very beneficial for both sides economically, he added.During his remain in Tehran, Mustafayev also satisfied and held talks with the Iranian Transport and Urban Development Minister Farzaneh Sadegh.In this conference, Sadegh called for the preparation of a roadmap to increase yearly transit between Iran and Azerbaijan to 15 million tons.The advancement of relations with the Republic of Azerbaijan has a high significance in the foreign policy of the Islamic Republic of Iran, and I am positive that these relations will be further improved in the future and in line with the interests of the 2 nations, she said.The minister worried that Iran is all set to develop relations with Azerbaijan in all sectors and the Transport Ministry is prepared to hold the 2 countries 16th Joint Economic Committee conference in Tehran as quickly as possible to review all areas of cooperation.EF/ MA