Iran says it plans to establish a joint bank with Azerbaijan in the near future. Mohsen Pak Ayeen, the Iranian ambassador to Azerbaijan, told Trend news agency on Sunday that the joint bank will be opened in Tehran.

Pak Ayeen added that the issue will be discussed during a meeting between Valiollah Seif, the governor of the Central Bank of Iran (CBI), and his Azeri counterpart in Tehran. Nevertheless, he did not specify when the meeting will take place.

The Iranian envoy made the remarks on the sidelines of a conference titled “Trade with Iraq, Azerbaijan and Turkmenistan” which was held in Tehran.  

Pak Ayeen also emphasized that bartering and the use of national currencies will be promoted between Iran and Azerbaijan in the future. 

More than 20,000 permissions have been issued for exporting certain goods from Iran to Azerbaijan via the road network without imposing taxes, the envoy added.

“We are planning to expand exports of food products, nuts, construction materials, and agricultural products to Azerbaijan,” Pak Ayeen said. “We are also planning to issue visas at entrance gates for Azerbaijani travelers to facilitate their trade.”

At present, non-oil trade between Iran and Azerbaijan amounts to $500 million, he said, adding that the figure will reach $2 billion if tourism revenues and other incomes are taken into account. 

AA/AA