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Iran-Russia trade rose 20% to $4.9bn in 2022: TPPRF chief

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)
President of Russia’s chamber of commerce says trade with Iran rose by a fifth to $4.9 billion in 2022.

President of Russia’s Chamber of Commerce and Industry (TPPRF) says bilateral trade with Iran rose by a fifth last year.

Sergey Katyrin said that Iran-Russia trade reached some $4.9 billion last year, up 20% from 2021, according to remarks covered in a Monday report by Iran’s IRIB News.

Katyrin said, however, that Russia expects its annual trade with Iran to increase by more than 10 times within few years to hit a target of $40 billion.

He was quoted as saying that Russian companies are very interested to enter the Iranian market as it can link them to trade markets in the Middle East and South and Southeast Asia.

The businessman said there are great potentials for cooperation between Iranian and Russian businesses in areas like agriculture, technology, energy, engineering, textile and tourism.

He also emphasized the need to introduce joint investment projects in special economic zones of the Iran and Russia where strict mainland laws and regulations are eased to help boost trade and manufacturing activities.

The comments came hours after Russian Deputy Prime Minister Alexey Overchuk said a key agreement between the Russia-led Eurasian Economic Union (EAEU) and Iran to establish a free trade zone could be finalized before year’s end.

The agreement can lead to a major increase in trade between Iran and Russia as well as between Iran and four other EAEU members, namely Armenia, Belarus, Kazakhstan, and Kyrgyzstan.

Iran and Russia have significantly expanded their economic and energy ties since February 2022 when Russia came under Western sanctions because of the war in Ukraine.

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