Iran and Venezuela strengthen economic ties with restoration of direct air service between Caracas and Tehran

The tenth meeting of the Iran-Venezuela Joint Economic Committee convened in Caracas, marking a significant step in bolstering bilateral economic ties. This high-level gathering brought together government officials and representatives from a broad spectrum of public and private sector entities from both nations, as reported by Tehran Times, a partner of TV BRICS.

Foreign Minister of the Bolivarian Republic of Venezuela Yvan Gil, in his opening address, underscored the enduring partnership between Iran and Venezuela, emphasising the substantial progress achieved. He cited the impressive figure of approximately 300 finalised agreements, a testament to the strong political foundation underpinning their cooperation.

He further highlighted the accelerated pace of collaboration, noting the signing of roughly 80 contracts within the last two years alone, referencing the reciprocal state visits of Presidents Nicolаs Maduro and Ebrahim Raisi in 2022 and 2023, respectively, as key catalysts for this momentum.

The Joint Committee meeting, he asserted, served as a crucial platform to build upon this progress. Ramon Velazquez, Venezuela's Minister of Transportation and head of the Joint Committee, reiterated the commitment to fulfilling existing agreements and expanding cooperation across all sectors.

He emphasised the proactive pursuit of mechanisms to enhance economic synergy, announcing the forthcoming resumption of direct air travel between Caracas and Tehran. The revival of an Iranian automobile assembly plant in Venezuela was also confirmed.

The four-day meeting will involve specialised working groups focusing on diverse sectors, including but not limited to petroleum, finance and banking, international trade, science and technology, manufacturing, agriculture, fisheries, mining, transportation, and tourism.

These focused sessions promise to yield concrete strategies for further strengthening the economic bonds between these two nations.

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