Nicaragua and Iran move towards a free trade agreement

The governments of Managua and Tehran signed several cooperation documents in the economic, legal, scientific, and technical spheres, as part of the official visit of Iran’s President, Ebrahim Raisi, to the Central American country.

One of the key points agreed upon was the exploration of a potential Free Trade Agreement (FTA).

In a meeting between Nicaraguan President Daniel Ortega and his Iranian counterpart, the governmental teams from both nations signed three foundational memorandums.

One of these included the establishment of an Intergovernmental Joint Commission for Economic, Commercial, and Scientific Technical Cooperation.

In another memorandum, judicial matters were addressed, and a collaboration between the Supreme Court of Justice of the Republic of Iran and the Republic of Nicaragua was agreed upon.

The third memorandum related to cooperation in the pharmaceutical sector, specifically the exchange of medicines, equipment, and essential laboratory supplies between Iran’s Ministry of Health and Medical Education and Nicaragua’s Ministry of Health.

“All the topics we discussed were on the agenda in bilateral meetings, and as a result, we found your will, Iran’s will to move forward,” said Ortega.

In these meetings, discussions also commenced on the works towards signing a Free Trade Agreement between Iran and Nicaragua.

The Iranian president spent two days in Nicaragua as part of his tour of three Latin American countries.

Before arriving in Nicaragua, Raisi visited Venezuela, where 25 cooperation and investment agreements were signed, encompassing oil and gas production and processing, mining, metallurgy, and the creation of a joint shipping company.

Raisi arrived in Cuba on the night of June 14, where he is expected to meet with various government representatives to strengthen ties.