Advantageous location of Azerbaijan makes it a perfect transit point between the main players in the greater region such as Russia and Iran. Addressing the 15th meeting of the Iran-Russia Joint Committee on Economic and Trade Cooperation held in Isfahan, Russian Energy Minister Alexander Novak stated that it had been decided to link the railways of Azerbaijan, Russia and Iran, Azernews portal reports.
The Russian minister expressed hope that a trilateral meeting between Iran, Azerbaijan and Russia will be held at a high level and emphasized that it is planned to open a sea route for transporting agricultural products between Russia and Iran.
He noted that bilateral trade increased by 7.4% to over $700 mio. Between March 21and April 20 Iran exported products worth $26 mio to Russia while importing products worth $62 mio.
Russia, Azerbaijan and Iran support the implementation of International North-South Transport Corridor project, which stimulates growth of interest of the countries participating in this project. In 2005 they signed an agreement on constructing 375 km long railway segments in Iran between Astara and the Azerbaijan-Iran border, and the reconstruction of the existing railway in Azerbaijan to develop transportation in this area.