Iran, Azerbaijan to set up joint market

Iran and Azerbaijan are planning boost bilateral relations by setting up a joint market.

The Mayor of Iranian city of Meshkinshahr Ibrahim Imami said on June 1, Iran intends to create a joint market on the border with Azerbaijan's Imishli region.

Imami said the Iranian region Meshginshehr borders with Azerbaijan's region Imishli, which is the potential for economic cooperation.

He said Iran is willing to take advantage of the potential region and set up a joint market with Azerbaijan under the name "Qanlı bulaq".

Imami noted that this issue had already been discussed by the ambassadors of the two countries.

He further said Iran hopes to create a cross-border checkpoint, adding that the creation of a new border crossing between Azerbaijan and Iran will strengthen economic cooperation between the two countries.

Imami also announced that Iran plans to create a free trade and tourism zone in "Savalan" on the border with Azerbaijan.

He said the aim is to fully utilize the economic potential of the Iranian cities of Meshkinshahr, Sareyn, Sarab, Nir and Hill.

Imami noted that Meshkinshahr, located at the foot of the Savalan Mountain, has great tourist attractions.

He said work on the creation of free trade and tourism zone "Savalan" will begin shortly, adding that Meshkinshahr is ready to cooperate with Azerbaijani investors.

Imami also said the region has also the potential for the development of agriculture, which is capable of attracting investments in the related sectors.

"We are ready to offer favorable conditions for Azerbaijani investors," he said.

Journalists from Azerbaijan arrived in the Iranian province of Ardebil to get acquainted with its economic and tourist potential.

Azerbaijan and Iran have had diplomatic relations since 1918. Iran recognized Azerbaijan's independence in 1991, and diplomatic relations between the two countries were established in 1992.

Data from the State Customs Committee of Azerbaijan shows that trade turnover between the two countries amounted to $281.03 million in 2013, which is 6.13 percent higher than 2012. The figure stood at $263.785 million in 2012.

Iran imported $73.347 million worth of goods from Azerbaijan in 2013, while its exports to Azerbaijan stood at $207.683 million during the same period.

Iran's trade turnover with Azerbaijan in the first eleven months of 2013 stood at $470 million ($448 million exports and $22 million imports), Iran's customs administration's latest report shows.