Promoting economic ties with Azerbaijan needs double efforts: Min

Tehran, March 14, IRNA – The minister of industry, mine and trade said late Tuesday that cultural commonalities between Iran and Azerbaijan Republic facilitate simple trade exchanges while moving toward complicated economic ties requires more efforts.

In a meeting with Azerbaijan's Minister of Economy Shahin Mustafayev, Mohammad Shariatmadari hoped that setting up of a joint working group within Iran-Azerbaijan Joint Commission will help develop a precise understanding about the two countries’ economic projects.

“We are ready to discuss areas of mutual concern during President Hassan Rouhani’s upcoming visit to Azerbaijan,” he said, proposing that a joint delegation discuss industrial and trade capacities of the both sides in a bid to reach an industrial cooperation agreement between the two countries.

Hopping that the document will serve as a roadmap for boosting cooperation between private sectors, Shariatmadari said that the two countries’ chambers of commerce can help bring private sectors of both countries closer to each other..

Total economic commercial exchanges of Iran and Azerbaijan with the outside world exceeded $150 billion in recent years, while the two countries’ exchanges stand less than $500 million.
Mustafayev, for his part, a memorandum of understanding between the two countries has been prepared which he hoped would e signed during President Rouhani’s trip to Azerbaijan.

“We underline raising the volume of trade between the two countries and are ready to host expert delegation from the Industrial Development & Renovation Organization of Iran (IDRO),” he said.

Inviting Shariatmadari to visit Azerbaijan, he voiced readiness for talks about joint areas of industrial and trade cooperation.
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