Azerbaijan and Iran have set an ambitious goal of expanding bilateral trade to $1 billion from the current $600 million, the countries' foreign ministers said on Monday.
According to the Baku-based Trend news agency, Iran's Manouchehr Mottaki and Azerbaijan's Elmar Mamedyarov, who met earlier on Monday in Tehran, said the two countries were successfully cooperating in industry, the energy sector and trade.
They offered no indication, however, when the $1 billion trade target could be achieved.
The ministers also said they had agreed to establish rail service between Astara (Iran) and Astara (Azerbaijan) and extend the railway line to the Persian Gulf as part of the North-South Project, and discussed energy cooperation, in particular, prospects for Iran entering CIS energy markets.
Iran and Azerbaijan also agreed to expand cooperation in the natural gas sector.
Mottaki said Iran was ready to offer mediation in the Nagorny Karabakh conflict between Armenia and Azerbaijan.
The two foreign ministers said they were pleased with "the high level of cooperation between the two countries."
BAKU, December 14 (RIA Novosti)