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Iran, Russia strengthen collaboration with new agreements

Business Materials 29 February 2024 11:49 (UTC +04:00)
Iran, Russia strengthen collaboration with new agreements
Elnur Baghishov
Elnur Baghishov
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BAKU, Azerbaijan, February 29. A suite of 15 cooperation documents was inked between Iran and Russia during the 17th Iran-Russia Joint Economic Cooperation Commission session, on February 28, said Javad Owji, Iran’s Minister of Oil and the Iranian co-chair of the commission, Trend reports.

Owji highlighted that the documents span 11 key areas, including oil and gas, agriculture, transportation, peaceful nuclear energy, aeronautics, trade infrastructure, railway construction projects like the Rasht-Astara line, the Siraf nuclear power plant development, and initiatives to position Iran as a transit hub for oil, gas, and petrochemicals. The agreements also address the easing of monetary, banking, and customs barriers to bolster bilateral trade.

The minister underscored Russia’s status as a leading global agricultural exporter and noted its role as an importer of Iranian agricultural goods, suggesting significant untapped potential for collaboration in this domain.

Owji emphasized the need to enhance market integration, stating, “Despite being key trading partners, the market presence of each country in the other’s economy is minimal, warranting thorough exploration and expansion efforts.”

It should be noted that the 17th meeting of the joint economic cooperation commission of Iran and Russia was held in Tehran on Feb.28.

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