TEHRAN (Iran News) –Iran and Venezuela announced their decision to increase the volume of bilateral trade to 20 billion dollars, as Iranian President Ebrahim Raisi is visiting the country on the first leg of his tour of three Latin American nations.
The announcement came in a joint press conference attended by Raisi and his Venezuelan counterpart, Nicolas Maduro, in Caracas on Monday, after the two heads of state held bilateral talks.
“We have decided to increase the cooperation between the two countries,” Raisi said.
“The volume of trade exchanges between Iran and Venezuela will be increased to 10 billion dollars in the first step, which can be raised to 20 billion dollars in the second step,” Iran’s president said.
Raisi noted that Tehran’s relations with Caracas are not ordinary diplomatic ties, but are of a strategic nature.
“Having common interests, positions and enemies has helped deepen cooperation between the two countries and make it strategic,” Raisi said.
The press conference was preceded by an official ceremony during which the two countries’ ministers and other top officials signed a total of 19 cooperation agreements and memorandums of understanding.
The agreements were aimed at expanding cooperation between Tehran and Caracas in many areas, including in the field of petrochemicals, as the two sides move to expand overall cooperation in the oil sector.
The documents will also boost the two countries’ cooperation in such areas as information and communication technology, energy, insurance, marine transportation, higher education, agriculture, medicine, culture and mines.
Meanwhile in a joint press conference with Venezuelan President Nicolas Maduro, Raisi said a new world order is being formed in favor of freedom-seeking, independent countries, stressing that resistance against the arrogant powers has led to significant achievements.
The Iranian president said Tehran and Caracas have managed to improve “strategic” relations in recent years, but they should swiftly implement the previously signed agreements to upgrade ties to higher levels given diverse mutual capacities.
He added that Iran has capabilities in the field of exporting technical-engineering services and processing agricultural and mineral products.
“The Iranian nation has gained valuable experience and achievements in the field of science and technology thanks to its resistance against the arrogant system and [success to] overcome the sanctions,” Raisi said, expressing Tehran’s readiness to share them with Venezuela.
The Iranian and Venezuelan presidents also announced their decision to increase the volume of bilateral trade to $20 billion.
The Iranian president stressed the importance of further activating the shipping lines between the two countries and called for strengthening cooperation in the industrial, mining, energy, monetary and banking sectors.
The Venezuelan president, for his part, pointed to Caracas’s strategic relations with Tehran and said Venezuela is firmly determined to start a new round of bids aimed at expanding relations with Iran.
Maduro added that Iran and Venezuela have made efforts to reduce their dependence on oil revenues and increase the resistance of their economies against foreign upheaval and pressure.
In the new world that is being formed, imperialism is collapsing and the countries that have resisted the excessive demands of the arrogant powers are on the verge of victory, he emphasized.
The Venezuelan leader stressed the necessity of establishing a direct air line between the two countries and strengthening shipping lines to increase bilateral trade.
He noted that Tehran and Caracas have also appropriate capacities for cooperation in the fields of tourism, agriculture and animal husbandry.
That deal includes repairs to oil refineries in Venezuela, which has the world’s largest crude reserves but has struggled to produce enough gasoline and diesel, leading to intermittent shortages that have forced drivers to queue for hours.
Iran has provided fuel and diluents to convert Venezuela’s extra-heavy crude into exportable varieties and since 2020 has supplied parts for repairs to the refining circuit.
A unit of Iran’s state-owned refiner NIORDC signed a 110-million-euro contract in May 2022 to make repairs at Venezuela’s smallest refinery, El Palito, which has a capacity of 146,000 barrels per day.
Iran is also set to be involved in a modernization project at Venezuela’s largest refinery complex, partly to restore distilling capacity.
Speaking in a joint meeting of Iranian and Venezuela tradesmen, Raisi said becoming stronger in the economic sector would be the most effective way to counter sanctions.
He added that the Iranian youths have succeeded in turning sanctions into opportunities by making use of the capabilities of the knowledge-based companies and maintaining peace and stability in the country against the upheavals.
He noted that Tehran and Caracas have enormous capacities to increase economic exchanges which have not been used yet.
The Iranian president emphasized that Tehran and Caracas can reach the 20-billion-dollar target through investment.
The two sides agreed to remove customs, banking and tariff barriers in order to facilitate and accelerate economic exchanges, he noted.
Raisi said Iranian ambassadors, commercial offices, the house of science and technology and all active sectors in the fields of industry, mines and banking affairs must work to facilitate mutual trade ties.
A high-ranking delegation comprised of ministers of foreign affairs, oil, defense, and health is accompanying Raisi on the five-day tour, which will also take him to Nicaragua and Cuba.
Iran has close ties with many Latin American states in different domains and seeks to further deepen its relations with those nations.
