Tehran: The Head of the Iran-Azerbaijan Interparliamentary Friendship Group, Iranian lawmaker Sadif Badri, has announced that trade between Iran and Azerbaijan is projected to reach $5 billion after the signing of several bilateral agreements during President Masoud Pezeshkian's visit to Baku.

According to Islamic Republic News Agency, Badri mentioned in an interview that the current trade volume between the two nations is below $1 billion. However, both countries have agreed to elevate this figure to at least $1 billion by the year's end, following President Pezeshkian's diplomatic mission.

Badri characterized the visit as a success, pointing out its beneficial effects on economic and trade relations. He stated that the discussions during the visit were centered on implementing existing agreements, which are expected to fortify commercial ties.

Badri further noted that the visit garnered positive responses in both Iran and Azerbaijan, as well as in the surrounding region. He stated that the full impact of the visit will be realized once the seven cooperation documents signed during the meeting are put into effect.

He also referenced a joint statement by President Pezeshkian and Azerbaijani President Ilham Aliyev, in which both leaders committed to eliminating obstacles to boost mutual economic relations.