TEHRAN - Tehran Chamber of Commerce, Industry, Mines, and Agriculture (TCCIA) and the Union Chamber of Commerce and Industry of the Republic of Tatarstan have signed a cooperation Memorandum of Understanding (MOU) in Kazan.

On the sidelines of the 15th edition of the "Russia-Islamic World: KazanForum 2024" on Saturday, Mehdi Sadeghi Niaraki, Vice-President of the Tehran Chamber of Commerce, and Shamil Ageev, President of the Chamber of Commerce and Industry of the Republic of Tatarstan, signed a cooperation Memorandum of Understanding (MOU) in Kazan.

Elaborating on the details of the signed MoU, Sadeghi Niaraki stated that the agreement was aimed at developing cooperation in the field of information exchange, facilitating delegation visits, showcasing capacities, and promoting bilateral trade.

He mentioned that Tehran province contributes significantly to the Gross Domestic Product (GDP) and has ample potential for expanding exports of goods and services, noting that the Republic of Tatarstan, with its capacities, particularly in the industries and heavy vehicles sector, also has special capabilities to enhance cooperation and boost bilateral trade.

According to Iran's Consul General to Kazan Davoud Mirzakhani, the value of trade between Iran and the Republic of Tatarstan in Russia increased by 25 percent in 2023 compared to the previous year.

“The value of trade between Iran and the Russian Republic of Tatarstan increased by 25 percent to more than 200 million dollars in 2023,” Mirzakhani told Tatar-inform.

According to the official, the trade exchanges between the two sides stood at $182 million in 2022.

Referring to the signing of the free trade agreement between the Islamic Republic of Iran and the member states of the Eurasian Economic Union (EAEU), of which Russia is also a member, Mirzakhani said: “With the implementation of this agreement after its approval in the parliaments and the removal of the customs tariffs on about 7,000 commodity items, it is expected that bilateral trade exchanges will increase significantly.”

Russia - Islamic World: KazanForum 2024 aims to strengthen trade, economic, scientific, technical, educational, social, and cultural ties between the regions of the Russian Federation and the member States of the Organization of Islamic Cooperation (OIC).

Russia - Islamic World: KazanForum 2024 was officially kicked off in Kazan on May 16 and concluded on May 18.

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