igPic
Iran and Russia sign deals to boost trade
2/13/2013 12:14:45 PM
Iranian Foreign Minister Ali Akbar Salehi and Russian Energy Minister Alexander Novak attended the signing ceremony, which was held at the end of the 10th annual meeting of the Russian-Iranian Business Council (RIBC), IRIB reported.
 
Representatives of the two countries’ environmental protection and national standards organizations inked the two cooperation deals. 
 
At the RIBC meeting, Iranian and Russian officials highlighted the need to facilitate business trips for traders and to expand cooperation in the agricultural, power, and energy sectors.
 
The RIBC was established in 2006, and since then, the two countries have signed agreements calling for the expansion of bilateral economic cooperation in various spheres, such as nuclear energy and the oil, gas, industrial, and tourism sectors. 
 
In June 2012, Iranian Industry, Mines and Trade Minister Mehdi Ghazanfari said that Iran had begun to export cars to Russia and Tehran is ready to sign a preferential trade agreement with Moscow. 
 
He went on to say that annual trade between Iran and Russia is currently around $4 billion, but the two countries have the potential to raise it to $8 billion.
 
In January 2012, Iran and Russia started using the rial and the ruble in their trade exchanges and dropped the U.S. dollar.
 
“(Trade) is based on our national currencies,” the Iranian ambassador to Russia said at the time.
 
"We started this work long ago. Iranian businessmen are buying products in Russia and are using the ruble… The U.S. dollar has no support base,” Ambassador Mahmoud-Reza Sajjadi added.