Iranian President Ebrahim Raisi said on Tuesday that Tehran and Jakarta have agreed to make additional steps towards stronger economic and financial cooperation through the use of national currencies in mutual trade and financial transactions.

"The target set for the development of trade and economic relations between the two countries … is $20 billion. If we do not describe the sum in [US] dollars, we should say that [we mean] an equivalent of this sum in [Indonesian] rupiahs and [Iranian] rials, which are the national currencies of the two countries. And we have decided to cooperate with this country and other countries using our national currencies," Raisi said at a meeting with his Indonesian counterpart Joko Widodo, as quoted by the Tasnim news agency.  

Read more: Indonesia launches national payment system to replace VISA, MasterCard

Earlier this morning, Iranian authorities announced on Telegram that Iran and Indonesia signed 11 documents pertaining to cooperation in various fields, including the preferential trade agreement (PTA) which would enable exchanges to occur through the use of national currencies as well as other documents relating to visa-free travel, cultural exchanges, pharmaceutical production, and joint energy and science projects. 

Presiden Joko Widodo dan Presiden Republik Islam Iran, Seyyed Ebrahim Raisi, membahas situasi geopolitik dunia dan menyepakati sejumlah kerja sama dalam pertemuan bilateral keduanya di Istana Kepresidenan Bogor, Provinsi Jawa Barat, Selasa, 23 Mei 2023. pic.twitter.com/Iuv2dNVjUD

— Mega Kumalasarie (@megakumalasarie) May 23, 2023

The Iranian President landed in Indonesia on May 23 upon Widodo's invitation. 

Iranian Foreign Minister Hossein Amirabdollahian said the visit is a landmark moment in the history of the two countries' relationship. 

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