Iran calls for identification of items for preferential trade agreement between Iran and Azerbaijan

Governments of Azerbaijan and Iran discussed the need for further development of trade and commercial ties between Tehran and Baku. Report informs citing the IRNA, discussions were held at the meeting of Iranian Industry, Mining and Trade Minister Reza Rahmani and Azerbaijan Republic’s Deputy Prime Minister Shahin Mustafayev.

In the meeting, Mustafayev emphasized the need for joining the two counties’ railways and roads, as well as mutual cooperation in industrial, commercial and joint production projects.

The Iranian minister for his part called for pursuing the previous agreements reached between the two countries including identification of the items that can be included in a preferential trade agreement between Iran and Azerbaijan Republic.

According to the State Customs Committee of Azerbaijan, trade between the countries in January-September 2019 amounted to $ 390.7 million (an increase of 45.4% over the year). During the reporting period, Iranian goods were imported into Azerbaijan by $ 362.9 million, an increase of 46.3% compared to the same period last year, and Azerbaijani exports to Iran amounted to $ 27.7 million (an increase of 34.6%).