IDRO president proposes parallel barter system to boost Iran-Russia coop

The president of the Iranian Industrial Development and Renovation Organization (IDRO) has sat down for talks with the head of the Russian Export Center on facilitating industrial cooperation between the two countries, proposing a parallel barter system to remove barriers to the trade of industrial goods.

The meeting was held on the sidelines of the 17th Joint Commission of Iran-Russia Economic Cooperation in Tehran.

Babak Ahmadi, the IDRO president and the deputy minister of Industry, Mines and Trade, called for the expansion of bilateral cooperation in the export and import of industrial machinery and equipment, and emphasized that this system can help overcome banking and financial hurdles hindering further cooperation.

Ahmadi expressed hope that such a barter mechanism can be implemented soon, saying the rapid implementation would encourage businessmen and economic and industrial actors to use this model of cooperation.

The director general of the Russian Export Center welcomed the proposal, stating its alignment with their current mechanism for promoting Russian exports.

“Determining the exchange rate of the ruble and the rial and the settlement cycle time are important issues in reviewing this proposal,” Nikishina added.

The head of the Russian Export Center also expressed hope that the details will be reviewed and finalized in the upcoming meeting of experts from both sides.