20% Growth in Trade Between Iran and Azerbaijan in 2024

TEHRAN (Iran News) Amin Tarfa made this statement on Tuesday at the opening of the 16th Joint Economic Commission meeting between Iran and Azerbaijan, held at the Espinas Palace Hotel in Tehran. He highlighted extensive cooperation opportunities in the fields of transportation and infrastructure, which have strengthened economic ties between the two nations.

He pointed to joint infrastructure and transportation projects, including the opening and operation of the Astara border bridge. He added that the construction of the new Aghband bridge is nearing completion, and work on the Aras corridor, aimed at connecting Azerbaijan to Iran via road and rail, is currently underway.

The head of the International Affairs Center noted that cross-border traffic between Iran and Azerbaijan, as well as with the Nakhchivan region, remains extensive.

Tarfa also discussed opportunities for cooperation in the energy sector, stating that various topics related to electricity, oil and gas, and banking affairs will be reviewed in expert group meetings during the summit to achieve mutual solutions.

He emphasized that on the first day of the two-day summit, which is being hosted in Tehran after a three-year hiatus, technical and expert groups will discuss and exchange views on economic, trade, cultural, transportation, tourism, energy, and other related fields.

Tarfa added that on Wednesday afternoon (January 24), the Iranian Minister of Roads and Urban Development, Farzaneh Sadegh, and Azerbaijan’s Deputy Prime Minister, Shahin Mustafayev, will conclude the summit by signing a memorandum of understanding. He expressed hope that the summit would yield valuable outcomes for the development of bilateral relations.

Highlighting key transportation projects under discussion, Tarfa stated that the completion of the Aras corridor, which will link Azerbaijan to Nakhchivan through Iran by rail and road, will be thoroughly reviewed alongside plans for new border bridges and terminals.

Tarfa underlined the significance of Iran-Azerbaijan border crossings in the North-South corridor and their importance for regional trade. He expressed optimism that potential challenges would be resolved during the summit, paving the way for enhanced transport cooperation.

According to IRNA, prior to the summit, Iran’s Minister of Economic Affairs and Finance, Abdolnaser Hemmati, met with Azerbaijan’s Deputy Prime Minister. During their meeting, they discussed the role of the monetary and banking systems in expanding trade between Tehran and Baku. The Azerbaijani side pledged to follow up on these issues, and it was agreed that after engaging with the Ministry of Economy, further coordination with Iran’s insurance and banking sectors would take place to boost trade volume between the two countries.