Russia, Iran Have Potential to Increase Bilateral Trade: Minister

Date: 16 June 2019 - 21:33

News ID: ۶۷۰۵۰

TEHRAN (Sputnik) - Russian-Iranian trade exceeded $1.7 billion in 2018, but the two countries have the potential to increase this indicator, Russian Minister for North Caucasus Affairs Sergei Chebotarev said on Sunday.
"In 2018, bilateral trade exceeded $1.7 billion, and it grew compared to 2017", Chebotarev said at a conference in the Iranian capital of Tehran.
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.
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.
In August, presidents of Iran, Russia, and Azerbaijan will convene in the Russian resort city of Sochi to further work on ways to boost tripartite cooperation to form a strong regional bloc of trade and transit.
Iranian President Hassan Rouhani, Russian President Vladimir Putin and Azerbaijani President Ilham Aliyev will meet for a tripartite summit in the resort city of Sochi in August, according to Minister of North Caucasus Affairs of the Russian Federation Sergei Chebotarev speaking in the second Iran-North Caucasus trade conference.
Earlier, Russian Ambassador to Azerbaijan Mikhail Bocharnikov said that a Russia-Azerbaijan-Iran summit is expected by the end of this year in Russia.
"We agreed to hold another Russian-Azerbaijani-Iranian summit in Russia in August," Putin said.
The first Iran-Russia-Azerbaijan summit was held in August 2016 in Baku and the 2nd tripartite summit was held in Tehran in November 2017.