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. Last Updated: 07/27/2016

Iran Seeks 100-Fold Boost in Trade

TEHRAN, Iran -- Iranian President Mahmoud Ahmadinejad said the Islamic republic and Russia would seek to increase their trade 100 times to reach as much as $200 billion a year by 2017.

During a meeting Tuesday, Ahmadinejad and President Vladimir Putin "agreed to increase the two nations' economic and business exchanges to $200 billion within the next 10 years," the Iranian president's web site said.

Ahmadinejad cited energy, transportation and aerospace as favorable sectors for joint Iranian-Russian investments.

Trade between the countries is about $2 billion now and increasing, Putin said during his one-day visit to Tehran.

In a separate meeting with Supreme Leader Ayatollah Ali Khamenei the same day, Putin said his country was ready to "expand ties without limitations" with Iran, state-run news agency Fars reported.