The Islamic Republic of Iran and the Russian Federation will further ease their economic exchange through a joint monetary accord, says Iranian Minister of Communication and IT Mahmoud Vaezi.

“The conclusion of this joint monetary pact is aimed at facilitating economic and trade relations of the two countries,” Vaezi said on the sidelines of a meeting with Russia’s Minister of Trade and Industry Denis Manturov in Tehran, IRNA reported.

The Iranian minister said the two sides also discussed ways of eliminating hurdles on the way of bilateral trade.

He also pointed out that Russia was set to take necessary steps to cut its Iranian import tariffs.

Vaezi made reference to Russia’s biggest trade expo yet in the Iranian capital, saying Iran-Russia cooperation would focus on increasing joint production in economy and commerce.

Representatives of 80 leading Russian companies, including aircraft manufacturers and energy majors, are showcasing their products in Tehran in the biggest foreign display of the kind in Iran.

More than 350 Russian delegates were to usher Minister of Trade and Industry Manturov to the “Russia-Iran Trade and Industrial Dialog” opening at the Tehran’s permanent international fairground on Monday.

Credit for Iran   

The Russian minister for his part underlined the need for a rise in Tehran-Moscow exchange and spoke of new windows of opportunity in bilateral ties.

Manturov also reportedly said Russia could provide Iran with $5 billion in state credit in 2016.

The two countries are working to take their partnership to a new level, with Russian President Vladimir Putin visiting Tehran for the first time in eight years last month.

While Iranian officials have already talked of certain processes to switch to national currencies in bilateral trade, the Russians also have acted swiftly to boost exchange with Tehran after an international nuclear accord was reached with the Islamic Republic in July, which laid the groundwork for the removal of anti-Iran sanctions in the near future.