TEHRAN – Iran and Azerbaijan pledged to expand economic and trade cooperation during a meeting of the countries’ joint economic committee in Tehran.

Farzaneh Sadeq, Iran’s transport and urban development minister and head of the Iranian side of the committee, said the two neighbors have made significant progress in their economic and commercial relations.

She noted that following President Masoud Pezeshkian’s visit to Baku, new opportunities had opened up in various sectors.

She said trilateral discussions on the International North–South Transit Corridor (INSTC) involving Iran, Azerbaijan and Russia are planned for next month. A joint working group is also reviewing customs and transit issues and will present its findings at the three-way summit.

Sadeq added that the Kalaleh–Aghband bridge would be ready for transit operations by Nowruz, the Iranian new year in March 2026, and that expansion of the Kalaleh–Jolfa road is under way.

She said the volume of bilateral trade is expected to grow from $650 million annually to $1.0 billion once agreements under negotiation are finalized. Talks on a preferential trade agreement are also being pursued to ease commerce, she said.

Shahin Mustafayev, Azerbaijan’s deputy prime minister and head of the Azerbaijani delegation, said President Pezeshkian’s visit to Baku was fruitful, citing the launch of Baku–Tehran and Baku–Tabriz flights as one of the results. He said the number of flights should be increased.

Mustafayev added that banking restrictions between the two countries had been lifted, creating new prospects in trade, oil and gas, water and petrochemicals. He noted that bilateral trade reached $300 million in the first half of this year, with potential for further growth.

During their three-day visit, the Azerbaijani delegation will also inspect the Kalaleh–Jolfa route, the Kalaleh–Aghband bridge, and Shahid Rajaee port in southern Iran.

EF/MA