Source: Tehran Times
TEHRAN - Iranian Oil Minister Bijan Namdar Zanganeh says Iran and Russia can increase bilateral trade by tenfold over the next two years. On Tuesday, Zanganeh and Russian Energy Minister Alexander Novak signed an agreement in Tehran to expand cooperation in the areas of industry, mining, trade, agriculture, tourism, modern technology, and energy.
Iranian Oil Minister Bijan Namdar Zanganeh (R) shakes hand with Russian Energy Minister Alexander Novak after signing an agreement in Tehran on Tuesday to expand cooperation in the areas of industry, mining, trade, agriculture, tourism, modern technology, and energy.
(Photo by Amin Khosroshahi, ISNA)
According to the agreement, the two countries will use their own national currencies for bilateral trade.
"It is hoped that the implementation of the agreements would boost current bilateral trade from around $1.5 billion annually by tenfold over the next two year," the ISNA news agency quoted Zanganeh as saying on Tuesday.
"We can provide Russia with a wide range of commodities and services they may not have access to due to the illegal sanctions. We will sign a memorandum of understanding today with an eye to finalizing the bilateral trade deal," he added.
Zanganeh also called Russia a "great market for Iranian companies."
Novak, for his part, hailed greater ties with Tehran, saying, "This event is a milestone in Russian-Iranian commercial relations, which will facilitate trade between the two countries."
In April, Zanganeh said the Islamic Republic is determined to raise the volume of its "economic transactions" with Russia under long-term deals.
On August 5, Iran and Russia signed a five-year memorandum of understanding in Moscow to expand trade and economic cooperation.
The agreement provides for closer cooperation in a number of areas, including in the construction and overhaul of generating facilities, the development of electric grid infrastructure, in the oil and gas sector, and in the area of trade in machinery, equipment, consumer goods, and farming products
According to the Iran Customs Administration, non-oil trade between Iran and Russia amounted to $1.1 billion in the previous Iranian calendar year, which ended on March 20, 2014.
Iran exported $316.5 million of non-oil goods to Russia and imported $758.3 million of non-oil goods from Russia.
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