The goals of the agreement are to boost economic, trade, industrial, transit exchanges and port services based on the potentials of the regions as the entrance and exit points of the International North–South Transport Corridor (INSTC).

The document was signed on the last day and at the closing ceremony of Iran-Russia joint economic commission in Isfahan.

The Commission decided to set up a joint trade council in the near future to promote business cooperation, increasing the volume of transported goods through the corridor, holding joint working sessions in line with maximizing the productivity of the corridor, holding exhibition, seminars, and economic conferences as well as easing trade for business people.

The 15th Iran-Russia joint economic commission kicked off in Tehran on June 16. The Commission continued working in Isfahan until June 19.