The new quadrilateral structure comprised of Iran, Turkey, Azerbaijan and Georgia will bring about peace and stability in the region, Turkish Foreign Minister said on Thursday.

Mevlüt Çavu?o?lu made the remarks in a press conference held after the Baku quadrilateral meeting.

Respecting territorial integrity of other nations is the common point held by all the four countries participated in the meeting Çavu?o?lu said.

The quadrilateral structure aims at developing trade ties and boosting investments, he added.

As the first gathering of the four sides, the meeting can pave the grounds for increasing mutual investments, he stressed.

Meanwhile, the Azeri Foreign Minister said, thanks to the new structure, the four nations can establish successful regional cooperation.

We will be able to promote regional cooperation in energy, transportation and other joint projects, Mammadyarov said. 

He also referred to the importance of North-South corridor in transporting commodities to Europe in a cheaper and easier way. 

He said that to bolster transit of goods, Azerbaijan had suggested creating the South-West corridor.

He also stressed that quadrilateral cooperation encompasses economic, political, cultural and security fields. 

The Baku quadrilateral meeting focused on promotion of cooperation between Iran, Georgia, Turkey and Azerbaijan to strengthen regional peace and security and develop economic, energy, transportation, cultural and tourism ties.