MNA � The Speaker of the Iranian Parliament Ali Larijani said that Iran welcomes expansion of economic ties with neighboring countries, including Republic of Azerbaijan.

Parliament Speaker Ali Larijani made the comments in a meeting with the Minister of Foreign Affairs of Azerbaijan Elmar Mammadyarov in Tehran on Saturday.

Larijani said in the meeting that �we see no limit to expanding economic relations with neighboring countries, including Azerbaijan.�

The top Iranian legislator referred to the North-South Transport Corridor (INSTC), hailing the strategic North-South railway for linking the Persian Gulf to the Caspian Sea.

Larijani further called on Azerbaijan to waiver visas for Iranian citizens, just as Iran has already done for Azeri people visiting the Islamic Republic.

The Azeri foreign minister, in turn, said that �there are no problems with bilateral relations between Iran and the Republic of Azerbaijan in political, cultural and human fields,� calling for expanding relations in the economic areas as well.

Elmar Mammadyarov also said that he had discussed expanding economic relations in his meeting with his Iranian counterpart earlier today, saying that the two countries have the capacity to enhance annual economic trade to $1 billion.

He described the North-South railway as a strategic project, adding that his country also pays attention to Rasht-Astara railway project.

He added that the joint Iran-Azerbaijan economic commission will get together to discuss economic issues on March 12-15.

The Azeri foreign minister referred to the agreement reached with President Rouhani, saying the agreement on extracting oil from the Caspian Sea is one of the joint projects between the two countries, adding that the work on the implementation of the joint project is at the expert level.

He further noted that �we are trying to minimize the effects of sanctions on Iran by carrying out these projects.�