Iran exports commodities worth $303 million to Azerbaijan in 7 months

Iran exported commodities valued at $303.315 million to Azerbaijan during the first seven months of the current Iranian calendar year (March 21-October 22), according to the spokesman of the International Relations and Trade Development Committee of Iran's House of Industry, Mining and Trade.

Ruhollah Latifi said that the value of Iran’s export to its neighbour, Azerbaijan, fell 28 per cent in the seven-month period of this year, from that of the previous year, according to Tehran Times.

As previously announced by the Islamic Republic of Iran Customs Administration (IRICA), the value of trade between Iran and Azerbaijan increased by 13 per cent in the past Iranian calendar year 1401 (ended on March 20).

Iran-Azerbaijan trade was $688 million in 1401 (2022) and $608 million in 1400 (2021).

Components and parts, tubes, aluminum, packaged butter, potatoes, heaters, non-electric appliances, non-powder polyethylene compound, special polyethylene compound wire and cable cover, polyethylene film grade with specific weight, and iron and steel ingots were Iran’s main exported items to Azerbaijan.

Milling machines, car gearboxes, gas generators for the simultaneous production of electricity and heat, lathes, air-generating units, presses for the production of chipboards, bending machines (presses), pipes, car engine control units, and sets of generators with compression piston engines were Iran’s major imported products from its neighbour in the past year.

In early October, Iran's Minister of Transport and Urban Development Mehrdad Bazrpash and Deputy Prime Minister of the Republic of Azerbaijan Shahin Mustafayev held talks as the chairmen of the Iran-Azerbaijan Joint Economic Committee in Baku on Friday to discuss bilateral ties and issues of mutual interest.

During the meeting, the two sides negotiated over promoting cooperation, border facilities, joint rail and road projects, and the International North-South Transport Corridor (INSTC) as part of developing mutual relations.

The sides also discussed the details of an agreement to build a railroad passing through Iran that will link Azerbaijan with Nakhchivan.

As reported, the two sides signed a letter of intent for the construction of a bridge on the Aras River as the first step for constructing the mentioned railroad.

Based on the signed document, the Azeri side will fund the project for constructing a bridge for the railway line which will be built parallel to Aghband, which is a bridge for the passage of cars on the river.

Speaking at the meeting, Bazrpash said: “A general agreement was made in Astara and a memorandum of understanding was prepared. If the Azerbaijani side is ready, we can sign the memorandum in the next two days and get one step closer to concluding a contract.”

“If the memorandum of understanding is signed, the designing of the railway sector can start parallel to the road design,” the Iranian minister said.

The facilities will aim to increase freight transit through the countries and ease access to Nakhchivan.

Construction of the bridge is part of the memorandum of understanding between the governments of Azerbaijan and Iran on the creation of new links between the East Zangezur economic region of Azerbaijan and Nakhchivan through Iran.

The Azerbaijani deputy prime minister said the work is planned to be completed within a year.

Solving the banking problems of Iranian businessmen, issuing on-arrival visas with the aim of increasing passenger commute, and finalizing the preferential trade agreement were also among the other topics that were raised in this meeting.

The Iranian transport minister also met with Azerbaijan’s President Ilham Aliyev during his visit to Baku, in which Aliyev considered the friendship and cooperation of the two countries as an important factor for the entire region and emphasized on the development of the International North-South Transport Corridor and the further expansion of its transmission capacity.