The North Caucasian Federal District is eager to boost economic ties with Iran, he highlighted.

Besides the North Caucasian Federal District, representatives from other Russian districts are also attending the conference which shows the efforts and eagerness to deepen economic relations, he said.

He also called for appointing a special representative to pursue the results of current conferences in Iran, noting that such a measure will be a leap in expansion of bilateral ties.

Iran is hosting the 15th meeting of Iran-Russia Joint Trade and Economic Cooperation Commission as well as the 2nd Conference on the Perspective for Business and Cultural Cooperation between Iran and the North Caucasian Federal District of the Russian Federation.

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The minister noted that this volume was very modest adding that Russia and Iran had a “much higher potential” in this field. According to him, the two sides must do everything possible to achieve a new level in bilateral trade, Sputnik reported.

The two countries maintain close ties in hydrocarbons trade and work jointly on peaceful nuclear power projects in Iran. Earlier this week, Iran moved to create a free trade zone with the Eurasian Economic Union, which Russia is part of.

Chebotarev also said that Russia is interested in establishing an energy corridor with Iran besides developing north-south, as well as east-west transportation corridors.

He went on to say that the Caucasus region is eager to expand ties with Iran in many areas, especially in tourism cooperation.

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