TEHRAN- The 14th meeting of Iran-Azerbaijan Joint Economic Committee was held on Monday at the place of the Iranian Ministry of Finance and Economic Affairs in Tehran, IRIB reported.

The two sides inked a memorandum of understanding (MOU) for the expansion of economic cooperation at the end of the meeting.

The MOU was signed by Iran's Finance and Economic Affairs Minister Farhad Dejpasand and Azerbaijan's Deputy Prime Minister Shahin Mustafayev, who co-chaired the meeting.

Speaking in the meeting, Dejpasand referred to the historical, cultural, social, and economic relations between the two countries, and said: “Iran, especially the private sector, is fully prepared to take part in Azerbaijan’s projects, especially in the field of technical and engineering services.”

“Signing of this memorandum of understanding can cause a significant surge in the economic relations between the two countries,” the minister stressed.

Mustafayev, for his turn, expressed gratitude for Iran’s political support during the Azerbaijan-Armenia conflict, saying: “The two countries’ cooperation has witnessed a significant expansion in the past few years and we now have a much stronger relationship.”

“Today's memorandum of understanding could provide a new impetus for both sides to advance their goals and hopefully we will witness the growth of trade relations between the two countries,” he added.

Despite ups and downs in Iran-Azerbaijan ties, the two countries' relations have entered a new, dynamic, and promising stage of development in recent years.

EF/MA