Russia supports Iran’s WTO membership

Tehran, Dec. 1, IRNA – Russia announced on Sunday that it will help Iran join in the World Trade Organization (WTO). According to a Sunday evening news bulleting of the Russian radio, the issue was included in the memorandum of understanding signed between Russia’s Alexei Ulyukayev, Minister of Economic Development, and Iran’s Mohamamd Reza Nematzadeh, Minister of Industry, Mines and Trade. In addition, the two sides reached agreement on increasing bilateral trade as well as contributing to exchange of visits by commercial delegations, mutual exchange of information with regard to investment and technical and engineering projects. Also, the two sides agreed on establishing contacts between chambers of commerce of the two countries for exchange of information on economic potentials and current regulations. Iran proposed to have a meeting with the participation of member states of the Eurasian Group for the reduction of tariffs. Russia also agreed to render the required assistance for the establishment of contacts with leaders of the Eurasia Group. The deadline for the memorandum of understanding is one year. Export guarantee funds of Iran an Russia signed a memorandum of understanding on Sunday in the presence of Nematzadeh and Ulyukayev with an aim of facilitating and expanding trade and investment between the two countries. According to the agreement Export Guarantee Fund of Iran and Export Insurance Agency of Russia (EXIAR) through cooperation for facilitation of funding of active companies in the field of bilateral trade and investment and also by offering joint coverage with regard to trade exchanges with third countries will support Iranian and Russian products at international level. The agreement will also strengthen cooperation between Export Guarantee Fund of Iran and EXIAR in the fields of technical information, validation of companies, risk management, prevention of damage and collection of foreign debts./end