Iranian Deputy First Vice President's Ali Aqa-Mohammadi described his recent visit to Baku as fruitful for boosting Iran and Azerbaijan economic cooperation.
Aqa-Mohammadi led an Iranian high-ranking delegation to Baku in a 3-day visit to Azerbaijan last week, IRNA News Agency reported.
During his visit, the Iranian official held meetings with Azerbaijan's president, prime minister, transportation, industries, energy, and foreign ministers, the Azerbaijan Central Bank's governor, and other high-ranking officials.
On September 19, Azerbaijan's Ambassador to Tehran Javanshir Akhundov underlined Baku's willingness to boost economic ties with Iran and increase annual trade to $10 billion.
"As regards the economy, economic trade stands at $500 to $600 million. Our goal is to reach $10 billion," Akhundov said.
The diplomat said that the large volume of trade would take hard work, but that construction of the Rasht-Astara railway would help achieve the goal.
"Iran's northern provinces enjoy abundant economic capacities but despite large populations and economic possibilities the existing potential has not yet been utilized to serve the interests of the two countries and nations," the envoy said.
Iran and Azerbaijan have sought to expand ties, especially trade and economic links, and signed several cooperation agreements earlier this year.
Iranian Interior Minister Mostafa Mohammad-Najjar, heading a high-ranking delegation, visited Baku in May 2010 and signed several Memorandums of Understanding (MoUs).