TEHRAN, YJC. -- Tehran and Baku have agreed to broaden their economic cooperation, specially in joint ventures, Iranian Minister of Industries, Mines and Trade Mohammad Reza Nematzadeh announced on Sunday.
"I discussed expansion of economic ties and joint investment by Iran and Azerbaijan during my recent visit to Baku,” Nematzadeh said.
The Iranian minister of industries, mines and trade also noted that during his visit to Azerbaijan the two countries agreed to cooperate in the construction of a joint pharmaceutical company.
He noted that Tehran and Baku are determined to sign a memorandum of understanding (MoU) to widen their agricultural cooperation, and said, "The documents of this MoU are ready and they will be signed soon by the two countries’ agriculture ministers.”
Earlier this week, Nematzadeh and Azeri Minister of Agriculture Heidar Assadov, in a meeting in Baku, voiced their countries’ willingness to widen and deepen Tehran-Baku agricultural cooperation.
During the meeting, Nematzadeh said that there exist abundant capacities in both countries which must be utilized properly to elevate bilateral relations in agricultural domains.
The Iranian minister said the two sides have agreed to sign a MoU in this sphere, adding that the document is ready and will be signed by the agriculture ministers of the two countries soon.
Nematzadeh said that the export of fruits, vegetables and food products to Russia was among the issues discussed during his visit to Azerbaijan.
Earlier this year, Russian and Iranian officials had discussed the possibility of exporting fruits and vegetables from Iran to Russia.
Russia submitted a list of 60 types of fruits, vegetables and food products that it needed to Iran.
Agricultural products account for 41 of 100 most profitable products exported to Russia.
Iran exported $151 million worth of products to Russia from March 21, 2014 to October 22, 2014 and $80 million of that amount accounted for agricultural products.
In other words, agricultural products account for more than half the value of exports from Iran to Russia.
Russia banned the import of agricultural products from Europe in August in response to the sanctions imposed against Moscow over the Ukrainian crisis.
Russia imported 11.8-billion-euro worth of agricultural and food products from Europe in 2013, according to the official data of the European Union.
The trade turnover between Azerbaijan and Iran stood at $220 million in 2013.