TEHRAN- Iran and Azerbaijan signed a document on mutual cooperation in banking, transportation, economy and commerce, science and technology, culture, energy, and agriculture on Wednesday.

The document was inked by Iranian Finance and Economic Affairs Minister Masoud Karbasian and Azerbaijani Minister of Economic Development Shahin Mustafayev in Tehran in the second and the last day of the 12th meeting of Iran-Azerbaijan Joint Economic Committee, Shada news agency reported.

Signing the document, the two sides came to agreement on eight cooperation documents which will be signed by Iranian and Azeri presidents during the visit of President Rouhani to Baku in late March.

Of the eight mentioned documents, one important one will be on making joint investments on Rasht-Astara railway, Karbasian said, adding that each of the countries will invest about $500 million on the project.

The other important document will be on oil and gas swap between the two countries, the minister said.

Iranian industry min. urges increase in Iran-Azerbaijan trade

In a Tuesday meeting with Mustafayev, Iranian Industry, Mining and Trade Minister Mohammad Shariatmadari called for boosting trade between the two countries.

“During the upcoming Iranian president’s visit to Azerbaijan, Iran will be ready to start talks on joint fields for cooperation,” he said.

To increase mutual industrial cooperation, the Iranian minister suggested formation of a joint committee to study further cooperation.

“I hope that the cooperation document would act as a roadmap for development of cooperation between the two countries’ private sectors,” Shariatmadari said. 

He also announced his country’s readiness to sign a preferential tariff agreement with Azerbaijan in future.

Mustafayev, for his part, underlined the significance of boosting mutual trade between Iran and Azerbaijan. 

The 12th meeting of Iran-Azerbaijan Joint Economic Committee inaugurated on Tuesday morning at the place of Iranian Ministry of Finance and Economic Affairs in Tehran.

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PHOTO: Iranian Finance and Economic Affairs Minister Masoud Karbasian (L) and Azerbaijani Minister of Economic Development Shahin Mustafayev signing cooperation documents