Economy, Domestic Economy

Iran-Russia H1 2016 Trade Up 69%

Iran-Russia H1 2016  Trade Up 69%Iran-Russia H1 2016  Trade Up 69%

Trade between Iran and Russia saw a 69% rise in the first half of 2016 over last year's corresponding period.

Russian Minister of Energy Alexander Novak made the statement in a meeting with Iran’s Minister of Industries, Mining and Trade Mohammad Reza Nematzadeh on the sidelines of St. Petersburg International Economic Forum on Friday.

“This is while Russia’s bilateral trade with other countries even China has been on the decline,” IRNA quoted the Russian minister as saying.

Earlier on Thursday, Tehran and Moscow surveyed ways of accelerating bilateral economic cooperation in a meeting focused on Iran's return to the global economy following the lifting of western sanctions.

The two sides discussed means of financing joint projects worth $40 billion, which were previously agreed upon at a meeting of Iran-Russia Economic Commission back in November 2015. These projects encompass wide-ranging fields, including industries, energy, power plants, electricity, oil, gas and railroads.

The 20th International Economic Forum in St. Petersburg, Russia’s most significant economic event, opened on Thursday and was concluded on June 18. It was attended by United Nations Secretary-General Ban Ki-moon, European Commission President Jean-Claude Juncker as well as other prominent political figures and some 800 delegations from 60 countries.