Russian-Iranian trade volume up 14.7% in the first nine months of 2024

Trade between Moscow and Tehran in the first nine months of 2024 reached the volume of $3.3 billion, increasing by 14.7%. Russian Deputy Prime Minister Alexei Overchuk told reporters on December 23.

"Trade between the two countries is growing. In the first nine months of this year, it has already grown by 14.7%, reaching $3.3 billion. This is a very good growth," Overchuk said.

He pointed out that the agreement on the establishment of a free trade zone (FTA) between the Eurasian Economic Union (EAEU) and Iran, which was signed in St. Petersburg in December 2023, is expected to enter into force in 2025. The deputy prime minister said that this agreement is unique as the countries will open more than 90% of product lines to each other and this will create very good opportunities for increasing trade turnover.

Overchuk added that the entry into force of the FTA will also raise the issue of creating a convenient transportation and logistics system.

Earlier in the day, a delegation led by Overchuk and Russian Deputy Prime Minister Vitaly Savelyev flew to Tehran on a working visit. The Russian representatives will hold talks with Iranian President Masoud Pezeshkian, the Islamic republic's First Vice President Mohammad Reza Aref and Minister of Roads and Urban Development Farzaneh Sadegh.

Russian President Vladimir Putin held telephone talks with Pezeshkian on Dec. 5, discussing the worsening situation in Syria and the building up of partnership between Moscow and Tehran in various fields. Pezeshkian spoke that day about his readiness to expand relations with Russia and China to counter the United States.

Russian Deputy Foreign Minister Andrei Rudenko said Nov. 24 that the comprehensive pact being prepared by Russia and Iran will touch on defense and security partnership, among other sectors. The document will meet the requirements and challenges of modern times, covering important and promising areas of cooperation between Moscow and Tehran.