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Iran, Russia to establish trade centers

The two countries will focus on energy-related trading and establishing a north-south corridor to rival the Suez Canal.
Russian Foreign Minister Sergey Lavrov (L) talks with his Azerbaijani counterpart Elmar Mammadyarov (C) and Iranian counterpart Mohammad Javad Zarif (R)in Baku on Aug. 8, 2016.

Iran and Russia signed a memorandum of understanding today concerning the establishment of mutual trade centers. 

One center will be located in the Iranian capital, Tehran, and the other in Russia’s Baltic port city St. Petersburg. They will facilitate trade between the two countries in the energy, transportation, electronics, agriculture, food, pharmaceuticals and construction sectors. The goals of the memorandum are to help Iranian and Russian businesspeople establish contact and conduct financial transactions. The project will also work toward “accelerating the north-south corridor project,” the official Islamic Republic News Agency reported

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