Iran, Azerbaijan Transit Up: Mustafayev

Azerbaijan’s Deputy Prime Minister Shahin Mustafayev says that the volume of international trade between his country and Iran has grown by 58%. Mustafayev made the remarks while addressing a joint economic meeting of Iran and Azerbaijan in Astara, northern Iran on Monday.

He said that as much as 2,425 Iranian companies have been registered in Azerbaijan, a large part of which are currently active. The official also noted that the volume of transit via International North-South Transit Corridor (INSTC) has registered a 69% growth.

Trade exchanges between Iran and Azerbaijan increased by 30% in 2022, Mustafayev said, adding that bilateral exchanges between the two countries have also posted a 9% year-on-year increase in the first five months of 2023. He stressed that transportation is of vital significance in relations between the two neighboring countries.

In the meantime, the Iranian Minister of Road and Urban Development Mehrdad Bazrpash hailed positive stances of Azerbaijan’s President Ilham Aliyev in a recent meeting with Iranian Foreign Minister Hossein Amirabdollahian in Vienna. He said that the Vienna meeting was a bright point and a prelude to further expansion of relations between the two countries. - IRNA