icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
8 Oct, 2022 05:31

New economic bloc about to emerge

Iran has suggested creating a union of Caspian states
New economic bloc about to emerge

Iran proposed the creation of a common economic area for countries bordering the Caspian Sea on Thursday.

Iranian First Vice President Mohammad Mokhber also suggested introducing simplified customs procedures known as a “green corridor” in the region.

“Iran supports comprehensive cooperation with neighboring nations, especially the Caspian states... In order to use the state and private [business] potential of the Caspian countries to their full extent… we suggest creating a common economic zone in the Caspian region as well as a green customs corridor,” Mokhber said at the Caspian Economic Forum in Moscow.

The Russian government also said on Thursday that Russia, Iran and Azerbaijan are looking to jointly develop tourism on the Caspian Sea.

The region includes Russia, Iran, Azerbaijan, Kazakhstan and Turkmenistan – countries rich with energy resources such as oil and gas.

Russia and Iran agreed earlier this year to expand the use of their national currencies in trade.

For more stories on economy & finance visit RT's business section