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Iran, Russia seek ways to boost trade, industrial ties

Source: Tehran Times

Iranian and Russian trade and industry ministers met in Beijing today on the sidelines of the Shanghai Cooperation Organization (SCO) summit and discussed ways to expand trade and industrial ties.

Iranian Industry, Mine and Trade Minister Mehdi Ghazanfari said that Iran is currently exporting cars to Russia. He expressed preparedness to sign preferential trade agreement with Russia, the IRNA News Agency reported.

He added that the annual bilateral trade is around $4 billion, but the two sides have the potential to raise the figure to $8 billion.

Russian Industry and Trade Minister Denis Manturov said for his part that a large Russian delegation, comprised of 200-300 industrialists and businessmen, will soon travel to Iran.

He called for increasing cooperation in banking, steel, and investment sectors.

Iran and Russia have started using their domestic rial and rouble currencies in bilateral trade instead of the U.S. dollar, Iran's envoy to Moscow Reza Sajjadi said on January 20.

"We started this work long ago. Iranian businessmen are buying products in Russia and are using the rouble as (payment) currency ... The U.S. dollar has no (economic) support base," he said.

... Payvand News - 06/07/12 ... --

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