Azeri Deputy PM Announces: Iran-Azerbaijan Banking Restrictions Fully Lifted

Shahin Mustafayev, Deputy Prime Minister of Azerbaijan, highlighted the growing momentum in Iran-Azerbaijan relations during the Joint Economic Cooperation Commission meeting on Monday. Praising Tehran for hosting the Azerbaijani delegation, he described the wide-ranging agenda as a key driver for deepening economic and cultural ties between the neighboring nations.

Referring to agreements reached in January last year, Mustafayev noted remarkable progress, including multiple high-level visits that reinforced mutual friendship. He emphasized that the foundation of bilateral relations rests on strong cultural and historical bonds, with President Ilham Aliyev valuing good-neighborly ties with Iran.

The Deputy PM described President Masoud Pezeshkian’s recent visit to Baku as “highly successful”, resulting in key achievements:

• Launch of direct flights between Tehran-Baku and Tabriz-Baku, with both countries’ airlines now operating these routes.

• Removal of banking restrictions to facilitate trade.

• Organization of cultural events in Tehran, Ardabil, and Urmia.

• Participation of Nakhchivan representatives in Urmia’s economic activities.

Bilateral trade has already surpassed $300 million in the first half of 2025, with new agreements expected to boost this further. On transportation, Mustafayev highlighted the strategic North-South Corridor, projecting transit volumes of 5 million tons by 2028, with continued growth beyond 2030.

He also underscored major infrastructure projects, such as the Aghband-Kalaleh Bridge, road expansions, terminal upgrades, and the Astara logistics hub, all aimed at easing congestion and enhancing cargo transit.

Mustafayev’s 20-member delegation will visit Tabriz and Bandar Abbas to explore further cooperation in ports and logistics. He also revealed plans for upcoming trilateral Iran-Azerbaijan-Russia meetings in Baku, focusing on transport, energy, and other strategic areas—signaling a new era of regional collaboration and connectivity.