Why it matters:
Iran and Venezuela, both facing economic sanctions, are looking to deepen strategic cooperation to counter external pressures. Expanding private-sector engagement is seen as a crucial step in boosting trade and economic resilience. The two possess one of the world's reach oil reservoirs.
The big picture:
Despite banking and logistical challenges, Iran and Venezuela’s strong political alliance supports economic growth. Plans including free trade agreements, banking reforms, and BRICS Pay to lessen reliance on the dollar can pave the way to flourish the ties.
What they’re saying:
Qalibaf said, “Using national currencies and BRICS Pay can facilitate trade and help both economies grow,” citing Brazil's proximity to Venezuela as an additional advantage for trade within BRICS.
Iran’s Ambassador to Venezuela, Ali Chegini, pointed to Iran’s leadership in shaping bilateral relations, stressing that economic cooperation has now expanded beyond government levels.
What’s next:
Venezuelan Transport Minister Ramón Velásquez announced the imminent launch of a fiber optic factory in Venezuela, marking another milestone in joint technical and innovation projects with Iran.
Go deeper:
Venezuela, Iran Pledge Stronger Alliance Amid Rising Tensions With U.S.
Iran’s Khatam-al Anbiya HQ Confirms Shipbuilding Deal With Venezuela
seyed mohammad kazemi
