Tehran and Moscow are committed to removing trade barriers and expanding their bilateral trade, Iranian Oil Minister Mohsen Paknejad said following a session of the Iran-Russia Intergovernmental Commission on Trade and Economic Cooperation.
According to Paknejad, the upcoming ratification of a strategic partnership agreement by Iran’s parliament will help unlock new levels of cooperation between the two nations.
“The strategic cooperation agreement signed in January has reshaped the nature of our relationship,” he said. “It lays the groundwork for collaboration across all sectors—politics, tourism, science, security, and education. The parliamentary approval process is underway, and we expect it to be ratified soon.”
Russian Energy Minister Sergey Tsivilev noted that trade turnover between Russia and Iran grew by 16.2% in 2024, reaching $4.8 billion. He emphasized that the potential for further growth remains high. His Iranian counterpart projected that trade could increase by an additional $4–6 billion, particularly with the upcoming implementation of Iran’s free trade agreement with the Eurasian Economic Union (EAEU) on May 15.
Tsivilev also highlighted that 17 joint working groups are currently active under the commission, and over 30 intergovernmental and interagency agreements have been signed.
GSV "Russia - Islamic World"
Photo: Federation Council
Based on materials from TASS