Economy, Domestic Economy

Businesses Told to Explore Russian Market

Businesses Told to Explore Russian Market
Businesses Told to Explore Russian Market

Trade between Russia and Iran has increased in recent months and now Iran is looking to benefit further from the boost in economic relations.

The minister of industry, mine and trade, Mohammad Reza Nematzadeh, believes that the formation of a committee to coordinate exports to Russia can improve mutual economic cooperation, IRNA reported.

Iranian businesses should assess and meet the demands of the Russian market, specifically the food market, and they are welcome to attend various exhibitions and expos held in Russia, Nematzadeh said.

It is vital for the ministry to change the tariff-rate quotas in ports, shorten the period of customs clearance, and ease banking transactions, the minister vowed.

The secretary general of Tehran Chamber of Commerce, Ebrahim Bahadorani, also believes that Iran should seize the opportunity to sell its products in the Russian market, as reported by ISNA.

Recent sanctions imposed by the United States and Europe against Russia over the crisis in Ukraine have pushed the Russian government to expand ties with neighboring nations, including Iran.

Iran, which is itself under western sanctions, is seeking new export markets in a bid to tackle the ongoing recession and curb inflation. Iran now regards CIS countries and Russia as main markets for its wide array of products.

Iran and Russia cooperate in many sectors, including agriculture and telecommunications. The two countries have recently inked a major trade agreement, Officials said. Details of the deal have not been made public yet.