Russia eyeing further trade with Iran

Russian Minister for North Caucasus Affairs, Sergei Chebotarev, said on Sunday that Tehran and Moscow must crank up the volume of bilateral trade, saying that even last year’s spike in the current of commercial interactions between the two countries does not fit the huge potentials.

"In 2018, bilateral trade exceeded $1.7 billion, and it grew compared to 2017", Chebotarev said at a joint Iran-Russia economic forum in the Iranian capital city of Tehran today.

The minister said the 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.

EA