Iranian Minister of Economy Ali Tayyebnia voiced satisfaction in the outcome of his recent meetings with senior Azeri officials in Baku.
"I had fruitful and constructive talks with senior officials of Azerbaijan," Tayyebnia said in the Azeri capital on Thursday.
The Iranian economy minister said implementation of the bilateral agreements made during the recent visits of presidents of Iran and Azerbaijan topped his agenda during his visit to Azerbaijan.
"The expansion of Tehran-Baku relations will benefit not only both countries, but the entire region," Tayyebnia added.
In November, Iranian Minister of Industries, Mines and Trade Mohammad Reza Nematzadeh announced that Tehran and Baku have agreed to broaden their economic cooperation, specially in joint ventures.
"I discussed expansion of economic ties and joint investment by Iran and Azerbaijan during my recent visit to Baku," Nematzadeh said.
The Iranian minister of industries, mines and trade also noted that during his visit to Azerbaijan the two countries agreed to cooperate in the construction of a joint pharmaceutical company.
He noted that Tehran and Baku are determined to sign a memorandum of understanding (MoU) to widen their agricultural cooperation, and said, "The documents of this MoU are ready and they will be signed soon by the two countries' agriculture ministers."
The trade turnover between Azerbaijan and Iran stood at $220 million in 2013.