Azerbaijan, Iran agree to expand economic ties

Mustafayev made the remarks in a meeting in Tehran with Iranian Finance and Economic Affairs Minister Ali Tayyebnia, according to the Mehr News Agency.

The Azerbaijani minister mentioned energy, banking and investment as the sectors appropriate for the expansion of bilateral ties between the two countries. 

Tayyebnia, for his part, called for facilitation of banking and customs relations between Iran and Azerbaijan. 

He also mentioned expansion of transportation networks, specially railway and road ones between the two countries necessary for boosting bilateral trade ties. 

Mustafayev, accompanied by a 100-strong Azerbaijani economic delegation, arrived in Tehran on December 21 amid a positive outlook towards the future of bilateral economic ties between the two countries.  

During his stay, the Azerbaijani minister visited a number of Iranian officials including Iranian Transport and Urban Development Minister Abbas Akhoundi. 

He also finalized an agreement with Iranian Communications and Information Technology Minister Mahmoud Va’ezi in the 10th meeting of Iran-Azerbaijan Joint Economic Committee, which was held yesterday in Tehran. 

The agreement included bilateral economic cooperation on a vast range of areas especially in the electricity sector. 

As a part of the agreement, a deal was signed in the meeting between Iranian and Azerbaijani sides on synchronization of the power grids between the two countries, according to the IRNA news agency. 

Azerbaijan was the 12th leading importer of Iranian non-oil goods in the previous Iranian calendar year, which ended on March 20, with importing $435.347 million of non-oil goods from Iran and exporting $22.22 million of non-oil goods to the country.    

In 2014, Azerbaijan was the second biggest export market of Iranian non-oil goods after Turkmenistan among the Commonwealth of Independent States (CIS).