ran and Venezuela have decided to significantly increase bilateral trade to $20 billion, marking a major milestone in their economic partnership.

The decision came following the signing of 19 cooperation agreements and memorandums of understanding between the two countries.

During a joint press conference in Caracas on Monday, Iranian President Ebrahim Raisi and Venezuelan President Nicolas Maduro expressed their determination to enhance cooperation. Raisi highlighted the strategic nature of the relationship, emphasizing that Iran and Venezuela share common interests, positions, and adversaries.

The press conference followed bilateral talks between the two leaders, where they discussed ways to strengthen ties and expand collaboration. Prior to the press conference, a ceremony took place, witnessing the signing of the 19 agreements and memorandums of understanding by ministers and high-ranking officials from both countries.

The agreements cover various sectors, including petrochemicals, energy, information technology, insurance, maritime transportation, education, agriculture, medicine, culture, and mining. They aim to deepen cooperation and promote mutual growth in these areas.

Raisi's visit to Venezuela comes in response to an official invitation from President Maduro. Upon arrival at Simon Bolivar International Airport, Raisi received a warm welcome from Venezuela's Foreign Minister and other senior officials. He was then officially received by President Maduro at the Miraflores Presidential Palace, where they engaged in bilateral negotiations. Delegations from both sides also held talks on shared interests.

Accompanied by a delegation consisting of ministers of foreign affairs, oil, defense, and health, Raisi's five-day tour will include visits to Nicaragua and Cuba. Iran intends to sign additional cooperation agreements and memorandums of understanding with these Latin American nations, further strengthening regional ties.

Iran has been actively fostering relations with several countries in Latin America and aims to deepen cooperation in various sectors. Notably, in June of last year, Iran and Venezuela signed a 20-year partnership agreement during President Maduro's visit to Tehran, further solidifying their bilateral cooperation.

The commitment to increase bilateral trade to $20 billion reflects the mutual desire of Iran and Venezuela to strengthen economic ties and explore new avenues of collaboration. This development holds significant potential for both nations as they seek to expand their trade horizons and promote mutual prosperity. (ILKHA)