Diplomat: Azerbaijan-Iran trade surges 30%, reaches new record high

Trade turnover between Iran and Azerbaijan reached a record high last year, with an increase of more than 30%, according to Seyyed Jafar Aghaei Marian, the Chargé d'Affaires a.i. of the Iranian Embassy in Azerbaijan.

He made the statement at a reception in Baku celebrating Iran's National Day, Caliber.Az reports via local media outlets.

"The bilateral economic ties between our countries continue to strengthen," Aghaei Marian remarked. "Shahin Mustafayev's visit to Iran and the successful holding of the 16th session of the Joint Interstate Commission on Economic, Trade, and Humanitarian Cooperation confirm that this year will be even more successful for both nations."

Aghaei Marian also highlighted the active implementation of joint projects in transport, energy, and industry, emphasizing the significant progress being made.

"Infrastructure projects such as the North-South transport corridor, the Araz corridor, the new Astara border crossing point and terminal, and the construction of the Aghband-Kelale bridge show the great potential for economic cooperation between Azerbaijan and Iran," he said.

The Chargé d'Affaires referenced a recent statement from Iranian Minister of Roads and Urban Development, Farzana Sadiq, who, during the 16th session of the Joint Economic Commission, set a goal for the future.

"Iran and Azerbaijan have set a target to increase bilateral trade turnover to $10 billion per year over the next five years," Sadiq stated, stressing the "significant opportunities" for boosting trade cooperation. "The current Iranian government is actively working to remove existing barriers and develop bilateral relations in all directions."

Sadiq also expressed confidence in the prospects of strengthening cooperation in key areas such as transport, customs, energy (oil, gas, electricity), water resources, preferential trade, and investment. "We are keen to maximise economic ties between Iran and Azerbaijan," she concluded.

According to Azerbaijan’s State Customs Committee, trade transactions between the two countries totalled $583.646 million from January to November 2024, marking an increase of $146.43 million, or 33.5%, compared to the same period in the previous year. During this time, trade with Iran accounted for 1.35% of Azerbaijan’s total trade turnover.

By Tamilla Hasanova