Iran and Venezuela launched their 10th Joint Economic Cooperation Commission at an event in Caracas on November 19, with high-level delegations from both countries attending amid strengthening bilateral ties.

The meetings highlight growing economic cooperation between the two countries, both under US sanctions, as they seek to strengthen bilateral trade and shield their economies from further sanctions by the incoming Trump administration.

The gathering brought together key Venezuelan officials including Foreign Minister Yvan Gil, Transport Minister Ramon Velasquez, Vice President and Communications Minister Freddy Nuñez Nazaret, and Industry Minister Alex Saab, alongside Iran's Ambassador to Caracas Hojjatollah Soltani.

Venezuela and Iran have established 289 bilateral agreements spanning multiple sectors, El Universal reported. The deals cover areas including science, technology, industry, agriculture, education and culture, reflecting deepening ties between the two nations since the era of former President Hugo Chávez.

In separate developments, Velásquez, who chairs the Joint Commission, said Venezuela expects to receive a second delivery of more than 4,000 Iranian vehicles.
Velásquez also detailed progress in telecommunications cooperation between Venezuela's state-owned telco firm CANTV and Iran's MCD, announcing plans for a new fibre optic factory in La Guaira state.

Earlier in April, the Venezuelan Navy augmented its military capabilities with the addition of new CM-90 anti-ship missiles (ASM) manufactured in Iran, according to the country's Ministry of Defence. 

This was confirmed during a visit to the Agustin Armario naval base in Puerto Cabello by Defence Minister Padrino Lopez, the ministry's site said on April 16 in a direct message to the US and Western countries the day after Iran attacked Israel with 350 rockets.

Foreign Minister Gil noted that “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."

Iranian Defence Minister Brigadier General Aziz Nasirzadeh, who heads the Iranian section of the joint commission, travelled to Caracas to lead his country's delegation, Jahan News reported.

The commission established nine working committees focusing on finance, banking, oil, energy, scientific technology, industry, mining, and agriculture.

More than 50 Iranian business leaders and traders are participating in the talks, scheduled to meet with both Venezuelan government officials and private sector representatives.

“The private sector is already actively involved here. Iranian companies are investing in Venezuela, and we are developing joint projects,” Ambassador Soltani said.

In opening remarks, Gil emphasised the revolutionary and anti-imperialist nature of both countries' relationship, stating they "share common enemies and work together as friendly nations for their peoples' welfare."

"The purpose of this meeting is to strengthen the historic friendship and cooperation between our countries, which are united in the fight against coercive measures imposed by Western powers," he added.