TEHRAN – The chairmen of the Joint Economic Committee of Iran and Azerbaijan met on Monday at the border city of Astara in northern Iran to discuss the expansion of ties in various areas including trade and transit, the portal of Iran’s Transport and Urban Development Ministry reported.

During the meeting, Iranian Transport and Urban Development Minister Mehrdad Bazrpash and Azerbaijani Deputy Prime Minister Shahin Mustafayev reached several agreements including a decision to increase transit traffic and launching a new border terminal over the next four months, as well as deciding to launch border markets and increase joint investment in the construction of a railway port.

The officials also decided to investigate the problems of truckers in a joint committee between the two countries to take the necessary actions to fix them over the next two months.

Need to develop trade ties emphasized

Speaking at the meeting, Bazrpash, who is the Iranian chairman of the Iran-Azerbaijan Joint Economic Committee, emphasized the development of economic relations between the two countries and underlined the need for the greater use of the existing capacities.

“With better use of existing capacities, unique opportunities can be provided for the development of economic relations between the two countries.” the minister said.

Referring to the 800-km common border between Iran and Azerbaijan, he added: “Iranian president always emphasizes the development of relations through the optimal use of the capacities between the two countries.”

Iran-Azerbaijan transit up 58%

Shahin Mustafayev, the Azeri chairman of the two countries’ Joint Economic Committee, said for his part that the volume of international transit between his country and Iran has grown by 58 percent.

He said that about 2,452 Iranian companies have been registered in Azerbaijan, a large part of which are currently active.  

The official also noted that the volume of transit via the International North-South Transit Corridor (INSTC) has also registered a 69 percent growth. 

Stressing his country’s determination to expand economic ties with Iran, Mustafayev said trade exchanges between Iran and Azerbaijan increased by 30 percent in 2022, adding that bilateral exchanges between the two countries have also registered a nine percent year-on-year increase in the first five months of 2023.

He stressed that transportation is of vital significance in relations between the two neighboring countries.

Based on the data previously released by the Islamic Republic of Iran Customs Administration (IRICA),  the value of trade between Iran and Azerbaijan increased by 13 percent in the past Iranian calendar year 1401 (ended on March 20).

Iran-Azerbaijan trade was $688 million in 1401 and $608 million in 1400.

Components and parts, tubes, aluminum, packaged butter, potatoes, heaters, non-electric appliances, non-powder polyethylene compound, special polyethylene compound wire and cable covers, polyethylene film grade with specific weight, and iron and steel ingots were Iran’s main exported items to Azerbaijan.

Milling machines, car gearboxes, gas generators for the simultaneous production of electricity and heat, lathes, air-generating units, presses for the production of chipboards, bending machines (presses), pipes, car engine control units, and sets of generators with compression piston engines were Iran’s major imported products from its neighbor in the past year.

EF/MA

Photo: Iranian Transport Minister Mehrdad Bazrpash (2nd L) and Azerbaijani Deputy Prime Minister Shahin Mustafayev (2nd R)