TEHRAN, BAKU SIGN ECONOMIC MOU

PanARMENIAN.Net
23.02.2009 22:16 GMT+04:00

Foreign ministers of Iran and Azerbaijan signed a memorandum of
understanding in Baku on Thursday at their 7th joint economic
commission.

The 114-article deal stipulates the ways for the promotion of ties in
the fields of trade, transportation, urban development, gas and oil,
petrochemicals, agriculture, industry, banking, environment, culture,
tourism, health, and education.

Iranian Foreign Minister Manouchehr Mottaki referred to signing the
MOU as` a positive step’ towards the expansion of bilateral relations,
adding the deal would augment the two-way annual trade to $1.5 billion
from the current $700 million.

Azeri official Elmar Mammadyarov said that the sides enjoy great
potentials to develop economic cooperation.

"Five ad hoc working groups have been formed chaired by the
foreign ministers of the two countries to direct the joint economic
commission’s activities," said Mamedyarov.

During his one-day visit, Mottaki also held talks with Azeri President
Ilham Aliyev, and Parliament Speaker Ogtay Asadov, Tehran Times
Economic Desk reports.