Tehran, Baku sign economic MOU

PanARMENIAN.Net - 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.