Considering the close diplomatic ties between Tehran and Baku and also existing plans for cooperation between the two neighboring countries, the level of trade turnover is expected to hit $1 billion on the medium-term, Mohammad-Ebrahim Naghizadeh, Iran’s commercial attache to Azerbaijan, told.

Saying that the value of trade turnover between the neighboring countries increased by 66 percent over the first half of 2016, the attache added that there has been a rapid acceleration in the growth of Azerbaijan’s
exports to Iran.

According to Naghizadeh the boom in the growth of Azerbaijan’s exports to Iran came as a result of policies adopted by Azerbaijani government aimed at reforming its economic structure and the promotion of exports and production.

According to the latest statistics by Iran’s Custom Administration, the Islamic Republic imported worth of $15.4 million of goods from Azerbaijan over the first quarter of the current Iranian calendar year which started March 20.

The commercial attache describes this year’s increase in the level of Azerbaijan’s exports to Iran as tremendous, saying that the volume of Azerbaijan’s exports to the Islamic Republic over the whole last year
stood at $15.5 million.

Naghizadeh further touched upon plans for booming transportation cooperation between the two countries saying that an ongoing construction project for linking the railways of Iran and Azerbaijan is of priority.

According to the official, connecting Iran-Azerbaijan railways will contribute to the reduction of transportation costs as well as booming their volume of trade turnover.

Cooperation between Iran and Azerbaijan in transportation sector will also help increasing the volume of their exports to other countries such as Russia, Iraq, Afghanistan, Pakistan and India, he added.

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