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Russia, Iran hold major economic forum to expand ties

US Rep. Ilhan Omar (D-MN) (L) talks with Speaker of the House Nancy Pelosi (D-CA) during a rally with fellow Democrats before voting on H.R. 1, or the People Act, on the East Steps of the US Capitol on March 08, 2019 in Washington, DC. (AFP photo)
Iranian and Russian economic delegations meet in the conference hall of the Chamber of Commerce and Industry of the Russian Federation (TPPRF) in Moscow on April 7, 2022. (Photo via IRNA)

Russia has hosted a major economic forum attended by a large Iranian delegation as the two countries seek to expand their trade and economic cooperation.

Iran’s official IRNA news agency said in a Thursday report that representatives from more than 300 Russian businesses and companies had attended the gathering held earlier in the day at the conference hall of the Chamber of Commerce and Industry of the Russian Federation (TPPRF) in Moscow.

An Iranian economic delegation attended the meeting which authorities said was aimed at studying new capacities for economic and trade cooperation between Iran and Russia, said the report.

It said that more than 53 Iranian private businesses were represented in the forum where TPPRF President Sergey Katyrin highlighted the importance of the close cooperation between Iran and Russia in light of the current political and economic circumstances in the region.

Russia has been facing a raft of economic sanctions from the US and European countries since it started a military operation in Ukraine in February.

The sanctions are much similar to a series of bans imposed on Iran by the United States since 2018 when Washington pulled out of an international deal on Iran’s nuclear program and started a campaign of maximum economic pressure on Tehran.

Iran decided to increase its trade ties with Russia since US sanctions were imposed through signing an agreement with the Russia-led EAEU bloc of Eurasian economies.

Trade ties between Iran and Russia exceeded $4 billion in value terms over the Iranian calendar year to March. However, the two countries have insisted the figure could more than double because of new geopolitical situation in the region.

“The goal of the Islamic Republic of Iran is to increase our trade turnover to at least $10 billion in the short-term,” Iranian deputy trade minister Alireza Peymanpak said on Wednesday while addressing Iranian and Russian delegates in Moscow.

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