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Iran and Russia have reached a preliminary agreement for the establishment of a joint shipbuilding venture in the Caspian Sea region.
According to a report issued Thursday, Alireza Peimanpak, head of Iran's Trade Promotion Organization (TPO) has signed an agreement on shipbuilding cooperation with Russian authorities during meetings held within the framework of the 25th St. Petersburg International Economic Forum (SPIEF) in Russia.
"The Russian side has pledged to assist the Iranian side in joint ship manufacturing and also to supply ships needed by the Islamic Republic of Iran," the report reads.Also Iran and Russia, as the note details, have reached an agreement under which Iranian companies will supply parts of ships they manufacture to shipyards in Russia.
The report highlights that the agreements are in line with a broader understanding between Tehran and Moscow to increase their trade relations along the International North-South Transport Corridor (INSTC)-an important passage connecting the region's commercial hubs.
"Russia's logistical support for Iran's fleet of commercial ships will help plans to increase traffic along the INSTC," reads the text.
The value of Iran’s export to Russia rose 14 percent in the past Iranian calendar year (ended on March 20), the Iranian Trade Promotion Organization (TPO) data showed.https://t.co/aunb9AtR0O
In this regard, Iranian officials announced earlier this week that they had launched a first pilot cargo transit between Russia and India through the corridor.
These agreements come at a time when Iran and Russia, long-time political allies, are facing sanctions from the United States and its allies.
In this context, Iran has been living under coercive measures since Washington unilaterally abandoned the 2015 nuclear deal in 2018 and, in the case of Russia, the sanctions have increased following its military operation in Ukraine.