Azerbaijani capital city Baku hosted Friday a joint event on development prospects of "North-South" Transport Corridor—and with participation of Azerbaijani, Russian, and Iranian officials, APA reported.

The Baku Declaration—on results of the first trilateral meeting among Azerbaijan, Iran, and Russia on the development of Transport Corridor—was signed at the event.

The declaration was signed by Azerbaijan's Deputy Prime Minister Shahin Mustafayev, Minister of Roads and Urban Development of Iran Rostam Ghasemi, and Russian Deputy Prime Minister Alexander Novak.

According to this declaration, the parties have expressed their willingness to cooperate in the assessment and study of infrastructure and transport possibilities in order to fully use this corridor. The parties emphasized the importance of creating a joint working group, and they plan to hold the first meeting in the next month.

In addition, the parties announced their intention to prepare an agreement on the Rasht-Astara railway project within a month, and to start respective negotiations by the end of the year.