In late January, Iran’s late President Ebrahim Raisi said that Tehran and Moscow have reached an agreement to boost the trade between the two countries up to $10 billion.
“We agreed to remove trade barriers and boost the economic exchanges between the two countries. Currently, the level of mutual trade is not acceptable, so the two countries agreed to increase trade to $10 billion a year,” Raisi said on January 21, upon arrival to Tehran after a two-day visit to Moscow.
He also noted that the two sides also discussed monetary and banking issues during his talks with Russian officials.
The two countries also agreed to identify mutual agricultural capacities as well as suitable areas for the exchange of agricultural products in order to increase the level of trade in the agricultural sector, according to the official.
He went on to say that the Islamic Republic of Iran has very good capacities in the field of transit and transportation, adding: “During this visit, it was agreed to activate the north-south corridor. This transit route will make the time and distance of transiting goods from Russia and different northern countries to the southern regions much shorter.”
Meanwhile, during a meeting between Iran’s Minister of Finance and Economic Affairs Abdolnasser Hemmati and Russia’s Minister of Economic Development Maxim Reshetnikov on September 30, the two sides called for strengthening economic ties between the two countries.
Hemmati met and held talks with Reshetnikov on the sideline of the talks between high-ranking delegations of Iran and Russia at the time.
Referring to the increasing trade between Iran and the member countries of the Eurasian Economic Union, Reshetnikov expressed hope that this process will accelerate further.
During the meeting, the two sides discussed customs issues, Russian investments in the oil industry, the progress of the Rasht-Astara railway, the North-South Corridor, truckers’ insurance, trade currency settlement, strengthening the Eurasian Economic Union, and other economic issues between the two countries.
In the same day, Iranian President Masoud Pezeshkian stated that an agreement to transform Iran into a regional transit and gas hub is a prime example of cooperation between Tehran and Moscow.
“We believe that if important joint projects between Iran and Russia are implemented, they will create significant capacities for both countries to counter cruel sanctions,” Pezeshkian said during a meeting with visiting Russian Prime Minister Mikhail Mishustin.
The president underscored that the Iran-Russia partnership not only serves the interests of both nations but will also promote sustainable development, economic growth and integration in the region.
Pezeshkian called for efforts from both sides to ensure the successful execution of the joint projects.
He pointed out that regional cooperation through international organizations like BRICS and the Shanghai Cooperation Organization (SCO) strengthens independent countries, including Iran, Russia, and China, in their efforts to resist the US unilateralism.
In response, the Russian prime minister reiterated Russia’s desire to enhance and expand interactions with Iran, particularly in energy, industry, transportation, agriculture, healthcare, and cultural sectors.