Iran, Azerbaijan deepen economic ties with new agreements and joint projects
Strategic partnership reinforced through trade, energy, and transportation cooperation
BAKU, Azerbaijan (MNTV) — Iran and the Republic of Azerbaijan are moving towards a new chapter of strategic partnership, with recent agreements and ongoing joint projects expected to significantly strengthen bilateral economic cooperation.
According to Mehr News, the two neighboring countries, bound by cultural, historical, and familial ties, have expanded collaboration across trade, energy, transport, and infrastructure sectors.
At the 16th meeting of the Iran-Azerbaijan Joint Economic Committee, held in Baku, both sides signed Persian and Azeri versions of a memorandum of understanding (MOU), complementing an English-language version signed earlier in Tehran.
Iran’s minister of Transport and Urban Development, Farzaneh Sadegh, and Azerbaijan’s Deputy Prime Minister, Shahin Mustafayev, co-chaired the committee session.
The meeting reviewed ongoing projects and explored new areas of cooperation, particularly in trade, transport, energy, and banking.
During her visit, Minister Sadegh also inspected joint infrastructure projects and met with Azerbaijani President Ilham Aliyev.
Discussions focused on enhancing bilateral ties through expanded projects in key sectors such as customs, water and energy, oil and gas, and preferential trade.
President Aliyev welcomed the increasing exchange of high-level delegations, describing them as vital to strengthening friendship and cooperation.
He praised the outcomes of the Joint Economic Committee meeting, emphasizing the importance of implementing major projects in the coming months.
Minister Sadegh reiterated Iran’s commitment to deepening economic relations with Azerbaijan, highlighting the strong historical, cultural, and religious bonds between the two nations.
Her four-day visit from April 7 to 10 aimed to remove obstacles to joint ventures and lay the groundwork for an upcoming visit by Iranian President Masoud Pezeshkian to Baku on April 28.
Iranian officials have underlined their determination to boost trade with Azerbaijan. Finance Minister Abdolnaser Hemmati previously noted that annual trade volume, currently around $400 million, does not reflect the full potential of the two countries’ relationship.
Following discussions with Mustafayev, both sides agreed to enhance cooperation between banking and insurance sectors to facilitate greater trade flows.
Trade and economic cooperation have become central pillars of Iran-Azerbaijan relations, supported by shared cultural and linguistic ties.
Despite regional and global challenges, the outlook for bilateral trade remains promising, with joint energy, transport, and industrial projects poised to drive future growth.
Development of border infrastructure and the simplification of customs procedures are also expected to further boost economic exchanges.
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