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10 Sep, 2022 08:11

Iran looks to boost trade with Russia

Trade turnover is expected to grow due to Tehran’s efforts to ramp-up exports
Iran looks to boost trade with Russia

Tehran’s efforts to boost exports to Russia should help trade turnover between the two countries increase by some 60% by the end of the year, Bahman Abdollahi, the head of Iran’s Chamber of Cooperatives, told the news outlet RBK on Thursday.

Today, products are supplied to Russia through third parties, who do not always cooperate as they should. The best way to supply Iranian products is by sea, but we have to solve the issue of the lack of ships,” he was cited as saying.

Russia’s exports to Iran in 2021 totaled $3.07 billion, while imports from the country amounted to $972 million, according to the Russian Federal Customs Service. According to Abdollahi, Iran plans to change this balance by increasing its exports to Russia.

The official spoke to the news outlet at the opening of Iran’s exhibition at Moscow’s Crocus Expo center. The exhibition featured products from more than 40 Iranian companies, including manufacturers of construction equipment, household goods, as well as representatives of the metallurgical and chemical industries.

Another official present at the expo, the head of the Iranian Trade Promotion Organization, Alireza Peyman-Pak, told the news outlet that Tehran had already identified the priority areas for supplying Iranian products to Russia. These include construction materials, medicine and medical equipment, petrochemical products, clothing and shoes, as well as vehicle components and energy equipment.

Given the close ties and relations that have been established between Iran and Russia, and the roads that have opened before us, we have an opportunity to effectively build up trade between the countries,” Peyman-Pak stated.

Cooperation between Russia and Iran started rapidly expanding amid Ukraine-related Western sanctions against Moscow. Since the start of the year, the two countries have reached a number of agreements, including for barter supplies of Iranian turbines, spare parts, and aircraft equipment, and also for the joint construction of gas pipelines and field development, as well as for visa-free travel for tourist groups from Russia.

For more stories on economy & finance visit RT's business section

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