New delhi: Iran and Russia have initiated discussions to formulate a joint roadmap aimed at expanding bilateral trade, enhancing joint investment, and developing industrial and commercial value chains, specifically focusing on increasing exports to regional markets.

According to Islamic Republic News Agency, the discussions were led by Mohammad-Sadeq Mofateh, Iran's Deputy Minister of Industry, Mine and Trade for Commercial Affairs, during a meeting with Russia's Deputy Minister of Economic Development. This meeting took place on the sidelines of their visit to India. Mofateh highlighted the importance of leveraging the strategic relationship between Tehran and Moscow, particularly underlining their shared membership in BRICS and the implementation of the free trade agreement between Iran and the Eurasian Economic Union (EAEU).

Mofateh emphasized the need for moving beyond traditional trade practices towards long-term cooperation, joint investment, and the creation of integrated industrial and commercial value chains. He proposed a joint roadmap to link Iranian and Russian value chains, aiming to increase joint exports to BRICS, EAEU, and other regional markets. The Treaty on Comprehensive Strategic Partnership between Iran and Russia was mentioned as a suitable framework to deepen economic and industrial cooperation between the two nations.

He also stressed the importance of Iran increasing its share of Russia's grain export capacity and suggested establishing effective mechanisms to ensure the stable supply of essential goods. Mofateh called for the facilitation of transportation of Iranian essential goods through the Caspian Sea, the removal of obstacles to maritime and land trade, and the reduction of transportation and related service costs for Iranian vessels.

Additionally, Mofateh identified the completion and acceleration of the Rasht-Astara railway project as a key priority in bilateral transport cooperation. He indicated that the development of transit infrastructure could significantly boost trade between Iran and Russia and strengthen their positions along regional transport corridors.