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Iran and Venezuela have announced their decision to increase the volume of bilateral trade to 20 billion dollars, as Iranian President Ebrahim Raeisi is visiting the country on the first leg of his tour of three Latin American nations.

Raeisi noted that Tehran’s relations with Caracas are not ordinary diplomatic ties, but are of a strategic nature.

“Having common interests, positions and enemies has helped deepen cooperation between the two countries and make it strategic,” Raeisi said.

The agreements are aimed at expanding cooperation between Tehran and Caracas in many areas, including in the field of petrochemicals, as the two sides move to expand overall cooperation in the oil sector.

The documents will also boost the two countries’ cooperation in such areas as information and communication technology, energy, insurance, marine transportation, higher education, agriculture, medicine, culture and mines.