Iran and Russia have achieved “fundamental agreements” on expanding all-out bilateral relations to ensure mutual interests, according to President Ebrahim Raisi.
“Undoubtedly, the development of relations with Russia will contribute to the security and prosperity of the two nations. Certainly, such security-building cooperation will be for the sake of the region,” Iranian president said on arrival from Moscow to Tehran around midnight.
He stated that during his two-day visit to Russia, which began on Wednesday, the two sides discussed how to challenge the dollar’s supremacy and continue trading in their respective national currencies.
“Our oil minister had good agreements with Russian energy officials, the effects of which will emerge later,” he said, adding that good agreements were also reached on removing obstacles to boosting trade relations.
However, the level of trade relations is “not acceptable”, the president stated. Officials have said the two sides seek to increase the current record $3 billion bilateral trade.
“We decided to increase the level of trade between the two countries to $10 billion in the first stage,” President Raisi said.
“In the field of agriculture, there were also good discussions that would lead to real exchanges of agricultural products,” he added.
The two sides also agreed to advance the North-South corridor in terms of transportation, which will make travel easier and cut travel time in half, according to the president.
Iran, Russia and India in 2002 signed, the International North-South Transport Corridor (INSTC), a 7,200 km multi-mode network of ship, rail, and road routes for moving freight between India, Iran, Afghanistan, Azerbaijan, Russia, Central Asia, and Europe.
The INSTC is seen a game-changer that will shorten the distance and lower the cost of transportation from South Asia to Europe through Iran and Russia and potentially serve as an alternative to the Suez Canal for East-West trade.
Tehran and Moscow also reached agreements to expand their cooperation in the industry, defense, and aerospace sectors, President said.
Raisi arrived in Moscow on Wednesday and held a meeting with his Russian counterpart.
The Iranian president was accompanied by the ministers of foreign affairs, oil, and economy in the trip.
This was Raisi’s third foreign trip after taking office in August 2021. He has already visited Tajikistan and Turkmenistan.