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TEHRAN \u2013 The 16th meeting of the Iran-Azerbaijan Joint Economic Committee commenced in Tehran on Tuesday, where Amin Taraffo, head of the International Affairs Center at Iran\u2019s Transport and Urban Development Ministry, announced a significant boost in trade between the two countries.<\/p>\n
\u201cTrade between Iran and Azerbaijan reached $480 million in 2023, and this figure has grown by 20 percent, reaching $580 million in 2024,\u201d Taraffo said during the opening session of the meeting at the Espinas Palace Hotel.<\/p>\n
The official highlighted the deep integration of the two nations\u2019 economies, particularly in transport and infrastructure. Projects such as the Astara border bridge and the nearing completion of the Aghband Bridge were mentioned as milestones in bilateral cooperation. Additionally, efforts are underway to establish the Aras Corridor, a project designed to connect Azerbaijan to Iran via road and rail.<\/p>\n
The meeting also covered collaboration in energy, including electricity, oil, and gas. Officials discussed solutions to shared challenges through expert groups, aiming to strengthen cooperation in banking, energy, and infrastructure.<\/p>\n
Advancing International North-South Transit Corridor<\/span><\/strong><\/p>\n Taraffo reiterated Iran\u2019s commitment to advancing the International North-South Transit Corridor, targeting a capacity of 10 million tons of goods.<\/p>\n He noted the critical role of shared borders between Iran, Azerbaijan, and Nakhchivan in facilitating trade for regional countries.<\/p>\n He added that the two-day committee, resuming after a three-year hiatus, includes technical and expert discussions on economic, cultural, and transportation issues.<\/p>\n The outcomes will be finalized with the signing of an agreement between Iran\u2019s Transport Minister Farzaneh Sadegh and Azerbaijan\u2019s Deputy Prime Minister Shahin Mustafayev.<\/p>\n The meeting also reviewed the construction and operation of new border terminals and bridges to enhance connectivity.<\/p>\n Taraffo expressed hope that the talks would resolve existing challenges and lay the groundwork for expanded cooperation in trade and transportation.<\/p>\n In a related development, Iran\u2019s Minister of Economic Affairs Abdolnaser Hemmati discussed the role of financial systems in boosting trade volume with Azerbaijan during a separate meeting with Mustafayev.<\/p>\n Azerbaijani officials pledged to follow up on banking and insurance matters to further enhance bilateral trade.<\/p>\n Bolstering energy cooperation<\/strong><\/span><\/p>\n In another meeting with Mustafayev, Iranian Oil Minister Mohsen Paknejad emphasized the importance of sustained energy cooperation with Azerbaijan.<\/p>\n According to the Shana news agency, the meeting took place on Tuesday, January 21, with discussions centered on enhancing bilateral ties.<\/p>\n Paknejad highlighted that such meetings play a pivotal role in advancing relations between the two nations, particularly in energy.<\/p>\n \u201cIn Iran\u2019s foreign policy, neighbors hold a special priority, and Azerbaijan occupies a unique position,\u201d he said.<\/p>\n He also announced the formation of a joint task force to facilitate strategic and technical collaboration in the energy sector.<\/p>\n Mustafayev, in his remarks, noted that this was his second meeting with the Iranian oil minister in the past three months.<\/p>\n He emphasized the significance of reciprocal visits in fostering understanding of each country’s capacities and infrastructure.<\/p>\n “The relations between Iran and Azerbaijan are founded on shared religious, cultural, and fraternal ties,” Mustafayev stated, adding that Azerbaijani President Ilham Aliyev places great importance on these ties, which serve mutual national interests.<\/p>\n During a meeting between Paknejad and Mustafayev back in mid-October 2024, the Iranian official called for the formation of a joint working group in order to pursue and accelerate bilateral cooperation, especially in the field of energy.<\/p>\n During the meeting, Paknejad said the two countries have a lot of cultural, historical and national similarities, which will help bring the two nations closer to each other.<\/p>\n While emphasizing the improvement of cooperation between the two countries, he said that neighbors have a priority in Iran\u2019s foreign policy and that the position of the Republic of Azerbaijan is special among them.<\/p>\n Stating that the field of oil and energy is one of the axes for the development of economic relations between the two countries, Paknejad said Iran welcomes any initiatives proposed by Azerbaijan to enhance the level of cooperation, adding that such cooperation requires the necessary infrastructure.<\/p>\n The deputy prime minister of Azerbaijan, for his part, said that the two neighbors have extensive relations, which are based on old roots.<\/p>\n Mustafayev also met with Iran\u2019s Minister of Economic Affairs and Finance Abdonnasser Hemmati during which the Iranian side said the country is determined to expand its trade ties with neighboring Azerbaijan.<\/p>\n Hemmati said the size of trade between Iran and Azerbaijan, which is around $400 million per year, is very low and does not match the state of relations between the two countries.<\/p>\n \u201cAzerbaijan has a special significance for us, we had some good talks on the role of monetary and banking systems in the expansion of trade,\u201d said the minister.<\/p>\n Hemmati said he and Mustafayev had agreed in their meeting that communication between the banking and insurance institutions of Iran and Azerbaijan should expand to allow an increase in trade relations between the two countries.<\/p>\n Mustafayev also met Iranian Energy Minister Abbas Aliabadi.<\/p>\n During the meeting, the Iranian minister called for increasing electricity exchange with neighboring countries.<\/p>\n Mentioning that Iran and Azerbaijan\u2019s power grids are already connected and the two countries are exchanging electricity, Aliabadi expressed hope that the level of exchanges will increase soon.<\/p>\n \u201cThe electrical connection between Iran and Azerbaijan is now established, and it is hoped that this will increase by the summer of next year; It is also suggested that negotiations be held between Russia, Azerbaijan, Iran, the UAE, and Saudi Arabia to expand cooperation in the electricity sector,\u201d the minister said.<\/p>\n \u201cNegotiations have also been held with Russia and it was decided to follow up on this issue in an upcoming meeting. The establishment of a power line between the two countries will be very beneficial for both sides economically,\u201d he added.<\/p>\n During his stay in Tehran, Mustafayev also met and held talks with the Iranian Transport and Urban Development Minister Farzaneh Sadegh.<\/p>\n In this meeting, Sadegh called for the preparation of a roadmap to increase annual transit between Iran and Azerbaijan to 15 million tons.<\/p>\n \u201cThe development of relations with the Republic of Azerbaijan has a high importance in the foreign policy of the Islamic Republic of Iran, and I am confident that these relations will be further enhanced in the future and in line with the interests of the two countries,\u201d she said.<\/p>\n The minister stressed that Iran is ready to develop relations with Azerbaijan in all sectors and the Transport Ministry is prepared to hold the two countries\u2019 16th Joint Economic Committee meeting in Tehran as soon as possible to review all areas of cooperation.<\/p>\n EF\/MA<\/p>\n<\/p><\/div>\n