A new economic bloc about to emerge

Iran has suggested creating a union of Caspian states

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

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

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

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

READ MORE: Russia and Iran agree to swap oil and gas supplies – senior official

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

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

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