TEHRAN (Iran News) – Head of Iran Trade Promotion Organization (TPO) in a webinar on identifying the trade capacities of Iran and Russian markets said the trade volume of Iran and Russia has surpassed $1b in ten months of the current Iranian calendar year which will end on March 20.

Hamid Zadboum said the economic cooperation of Iran and Russia in the framework of a temporary preferential trade agreement with the Eurasian Economic Union (EAEU) has led to the rise in the bilateral trade of Tehran and Russia.

He further said due to the high-level political relations of the two countries, both sides should take advantage of it for developing their economic relations. He also said meetings of presidents of the two countries in recent years and in the new chapter of Iran-Russia ties have been unprecedented.

He added that by negotiations and signing a free trade agreement with these countries, the trade will see a growing trend in the next two years, adding that Russia is one of the biggest countries with 145m population and with per capita over $11,000, and it is considered as a target market for Iran’s exports.

He then highlighted major programs of the TPO for the future of the economic ties with Russia, saying that in the near future, the 16th joint economic commission of Iran and Russia will convene and on its sidelines, the sixth joint workgroup on industrial and trade cooperation of the two countries will be held in the deputy minister level.

Then the Head of Russia Desk at the TPO Mr. Farhad Parand explained the significance of Russia for Iran’s trade and pointed to the capacity of the Russian market. He said Russia is considered as one of the most important neighboring countries and an export target of Iran and its climate, geographical, industrial, and mining advantages play an important role in providing the needs of consumers in both countries.

He noted that Iran’s foreign trade with Russia has been over $1.2b in 10 months in the current year.

He also called for the expansion of trade between provinces of the two countries which can enhance bilateral trade.

Parand added that the provinces of Khuzestan, Alborz, Bushehr, Gilan, Mazandaran, West Azerbaijan and Hormuzgan have high capacities for providing Russia with foodstuff, fruits, and fishery products.

He went on to say that the probable increase of sanctions and decline of the oil price makes necessary the expansion of trade ties with Russia.