Iran (IMNA) - According to comments made by Sergey Katyrin, commerce between Iran and Russia was over $4.9 billion last year, an increase of 20% from 2021, as reported in a Monday article by Iran's IRIB News.
However, Katyrin stated that Russia anticipates its yearly commerce with Iran to more than ten times expand within a few years to reach a target of $40 billion.
As it may connect them to trade markets in the Middle East and South and Southeast Asia, he was reported as stating that Russian businesses are particularly interested in entering the Iranian market.
The businessman claimed that there are many opportunities for commercial collaboration between Iranian and Russian companies in industries including textiles, energy, engineering, and tourism.
He also underlined the necessity of launching cooperative investment initiatives in Iran and Russia's special economic zones, where stringent mainland rules and regulations are relaxed to support the growth of commerce and industrial activity.
A fundamental deal between Iran and the Russia-led Eurasian Economic Union (EAEU) to establish a free trade zone may be completed by the end of the year, Russian Deputy Prime Minister Alexey Overchuk had stated hours earlier.
The deal may result in a significant rise in commerce between Iran and four other EAEU members, namely Armenia, Belarus, Kazakhstan, and Kyrgyzstan, as well as between Iran and Russia.
Since February 2022, when Russia was subjected to Western sanctions due to the conflict in Ukraine, Iran and Russia have dramatically increased their commercial and energy connections.
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