New economic bloc about to emerge

Iran has suggested creating a union of Caspian states

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.

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

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.

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