Official: Iran-Azerbaijan Trade to Increase Significantly

Date: 01 July 2019 - 21:10

News ID: ۶۷۵۹۹

TEHRAN (Dispatches) - Iranian Secretary General of the Azerbaijan-Iran Chamber of Commerce Hossein Vosoughi-Irani has said his country attaches great importance to the expansion of economic relations with Azerbaijan.
The trade turnover between Azerbaijan and Iran is expected to exceed $600 million in 2019, Vosoughi-Irani said.
He added, given the sanctions imposed by the U.S. against Iran, the country representatives urge exporters to increase trade with neighboring countries.
The Iranian official added that trade between Iran and Azerbaijan amounted to $400 million last year.
"Over the past years, food products, construction materials and other goods accounted for the largest part of the turnover. In subsequent years, the structure of trade will change, and its basis will be finished products,” he underlined.
Predicting investment growth between two countries, Vosoughi-Irani pointed out that as a result, the industrial products will enter the trade turnover between the two countries.
He also added that Iran will be represented by a large delegation at the construction exhibition to be held in Baku this October.
For the period from March 21 to April 20 this year, Iran exported 33,000 tons of products to Azerbaijan with a total value of $20 million, which is 0.8 percent of the country's total exports.
Vosoughi-Irani also noted that during the reporting period, exports from Iran to Azerbaijan decreased in value and weight terms by 3 and 11 percent respectively.
Azerbaijan and Iran share common values, history and traditions that bound them. The two countries are eager to develop their non-oil economy, integrate regional transport networks and boost mutually advantageous business projects in order to stimulate trade volume.