The way to boosting trade between Iran and Azerbaijan goes through joint banking operations, which need to be improved, Iranian ICT Minister Mahmoud Vaezi said in a meeting with Central Bank of Azerbaijan Governor Elman Rustamov.
He said if the two neighboring countries allow each other’s banks to open branches inside their land, it would be a great help to businessmen on both sides, the ICT Ministry’s public relations office reported May 17.
Vaezi also stressed the Iran-Azerbaijan railroad as a key to improving bilateral trade.
The railroad, a part of the North-South Corridor, will carry 10 million tons of goods between Iran and Azerbaijan.
A day earlier Rustamov met his Iranian counterpart Valiolah Seif, who reiterated Iran’s proposal to launch a joint monetary and banking committee for closer bilateral cooperation.
“Opening accounts in both countries’ central banks and using them for trade transactions with a regular clearing timetable could also be a great help to bilateral trade,” Seif also proposed.