Envoy: Iran-Azerbaijan trade ties to boom as sanctions lifted (exclusive)

Business Materials 19 January 2016 01:00 (UTC +04:00)

Baku, Azerbaijan, Jan. 19

By Farhad Daneshvar - Trend

The removal of international sanctions against Iran can lead to strengthening trade ties between Tehran and Baku, an Iranian diplomat said.

"I assume Iran and Azerbaijan are capable of creating proper chances in the three sectors of trade, transit and energy," Iranian Ambassador to Baku Mohsen Pak-Ayeen told Trend January. 18.

In addition to the expansion of trade ties between Tehran and Baku, the Republic of Azerbaijan can play an important role in linking Iran to the markets of the Commonwealth of Independent States (CIS), Pak-Ayeen said.

Saying that the removal of sanctions has created a chance for the Islamic Republic to play an important role in the region, he added Azerbaijan can connect Iran to the markets of Caucasus, and Central Asia.

In the meantime considering Iran's geographical location, the Islamic Republic and neighboring counties can cooperate in the development of goods transport, oil swap and also connecting to international electricity networks, he added.

In a joint statement on Jan. 16, the EU's High Representative Federica Mogherini and Iran's Foreign Minister Mohammad Javad Zarif announced the implementation of the JCPOA and the removal of economic sanctions on Iran.

According to the statement, EU has confirmed that legal framework, providing for lifting of its nuclear-related economic and financial sanctions, is effective.