MOSCOW, RUSSIA — Representatives from Kazakhstan, Iran and Russia on Feb. 12 signed a Memorandum of Understanding on wheat trade cooperation, paving the way for a more dynamic growth of trade between the countries.

According to AzerNews, the ceremony was attended by Kazakh Deputy Minister of Agriculture Gulmira Isayeva, Deputy Minister of Agricultural Jihad of Iran Ali Akbar Mehrfard, Russian Deputy Minister of Agriculture Sergey Levin and Veronika Nikishina, a member of the Board for Trade of the Eurasian Economic Commission.

“The memorandum includes three very important aspects,” Mehrfard told AzerNews. “Iran’s flour mills have great potential, and the regional market is about seven million tons. According to the memorandum, Russia and Kazakhstan can use Iran’s logistical capabilities and in transit to deliver their wheat to third countries. The second is the joint development of wheat SWAP contracts with Russia and Kazakhstan. The third is related to the conditions of temporary importation.”

Isayeva noted that the memorandum is an integral part of the earlier agreement the countries signed regarding a free trade zone.