TEHRAN - Iran and Venezuela are set to finalize the text and annexes of their long-anticipated free trade agreement within the next two days, a senior Iranian official announced following a meeting in Tehran.

Mohammad Ali Dehghan Dehnavi, head of Iran’s Trade Promotion Organization (TPO), met with Venezuela’s Deputy Minister of Commerce Johann Alvarez, to discuss expanding bilateral trade and finalizing the free trade deal.

Dehnavi described relations between the two countries as “historic and friendly,” emphasizing the importance of leveraging these ties to enhance economic cooperation.

“The agreement reflects a balanced and friendly approach. We want to see Venezuelan exports to Iran grow. Both countries have the potential to serve as trade gateways for one another in their respective continents,” Dehnavi said.

The finalized agreement will cover rules of origin, sanitary and safety requirements, and lists of goods in agriculture, fisheries, and industry. It is expected to be signed by the countries’ trade ministers once the final text is agreed upon.

Dehnavi linked the success of the trade deal to broader goals, such as developing transport and logistics chains, attracting mutual investments, and initiating joint production. He noted that the free trade agreement between Iran and the Eurasian Economic Union has already brought bilateral trade to $4 billion, with short-term goals aiming for $10 billion. A similar trajectory, he said, could be pursued with Venezuela.

Calling Venezuela a market rich in new opportunities, Dehnavi suggested the organization of trade missions and expos to deepen commercial engagement.

Alvarez agreed, stating that current trade volumes between the two nations do not reflect the strength of their political relationship. “This agreement is just the first step. Iranian and Venezuelan business communities need to engage directly to increase trade,” he said, adding that joint trade exhibitions and forums will be crucial in achieving this goal.

He also invited Iranian investors to participate in projects across Venezuela, pointing to the country's abundant natural resources and readiness to attract foreign investment.

The meeting concluded with both sides agreeing to continue consultations to identify and advance shared economic opportunities.

The 10th meeting of the Iran-Venezuela Joint Economic Committee opened was held in Caracas in last November, with representatives of dozens of public and private companies and institutions, along with government officials from both countries in attendance.

Speaking at the opening ceremony of the economic meeting, Venezuelan Foreign Minister Yvan Gil emphasized the historic cooperation between the two countries and noted that thanks to the strong political relations, about 300 agreements have been finalized between the two countries.

“In the past two years, we have signed about 80 contracts, we witnessed the visit of President Nicolás Maduro to the Islamic Republic of Iran in 2022 and the visit of late President Ebrahim Raisi to Caracas in 2023, and now we continue making progress in this joint committee meeting,” the official said.

Transportation Minister Ramon Blazquez, the Venezuelan head of the joint committee, also said both sides reaffirmed their commitment to previous agreements and seek to increase cooperation in all areas.

He emphasized the commitment of the two sides to find mechanisms that would allow the improvement of economic cooperation and announced that Iran and Venezuela are planning to reactivate commercial flights between Caracas and Tehran.

The official also announced plans to restart the assembly plant of Iranian cars in the South American country.

Elsewhere in the meeting, Iranian Ambassador to Venezuela Hojatollah Soltani said Venezuela is a "land of opportunities," a new phase of cooperation has begun, and both governments strongly support expanding relations.

Oil, finance, insurance and banking, foreign trade, science and technology, industry, agriculture, fisheries, mining, transportation, and tourism are among the areas of cooperation between Iran and Venezuela to be discussed over four days in specialized committees of the 10th Joint Committee meeting.

EF/MA