Iran, Russia eye $10B trade turnover

Business Materials 13 December 2016 17:31 (UTC +04:00)

Tehran, Iran, Dec. 13

By Khalid Kazimov, Mehdi Sepahvand – Trend:

Iran and Russia plan to increase their annual volume of trade turnover to $10 billion in future, a senior Iranian official said.

Co-chair of the Russia-Iran joint economic commission and Iranian ICT minister, Mahmoud Vaezi, has said the 10 documents inked between Iran and Russia on Dec. 13 will pave the way for further expansion of trade ties between the two countries, Trend correspondent reported.

He further called on Russia to give support for Iran’s efforts to reach a free-trade agreement with the Eurasian Union.

He made the remarks during the 13th Iran-Russia Joint Economic Commission in Tehran.

Russian Energy Minister Alexander Novak headed a large Russian delegation at the business forum.

Following several round of meetings between Iranian and Russian delegations, the two sides on Dec. 13 inked 10 memorandums of understanding (MoUs) on cooperation in various areas, including energy, banking, insurance and industry.

According to customs statistics, Iran-Russia annual trade plunged from $4 billion in 2011 to $1 billion in 2013 due to the sanctions on Iran, but rose to $1.7 billion in 2014. The figure increased by 30 percent in 2015, and during 9 months of 2016, the trade turnover between Iran and Russia increased by 70 percent year-on-year.