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It was stipulated in an agreement signed between the two countries during Belarusian President Alexander Lukashenko's recent state visit to Tehran, official news agency IRNA quoted Reza Fatemi-Amin on Wednesday as saying on the sidelines of a cabinet meeting.

The agreement is worth nearly $450 million, said the Iranian minister, adding it will increase the volume of annual trade between the two countries, which now stands at $16 million, Xinhua news agency reported.

During his meeting with Belarusian Minister of Industry Rogozhnik Alexander Nikolaevich on Monday, the two sides discussed trade through barter, said Fatemi-Amin, adding both countries' financial infrastructure were prepared "to a great extent" to strengthen bilateral trade.

Nikolaevich is a member of the high-ranking delegation that was led by Lukashenko during his two-day trip to Iran. During the trip, which kicked off on Sunday, Iran and Belarus signed a roadmap for expanding their comprehensive cooperation as well as seven cooperation agreements in the fields of trade, transportation, agriculture, culture and transfer of convicts.

Iran has exported cars to a number of countries, including Iraq, Armenia and Azerbaijan.

In November 2022, the country signed a Memorandum of Understanding (MoU) with Russia to export cars. The MoU is estimated to worth $300 million, according to semi-official Fars news agency.

Iran has also started exporting cars to Venezuela, Iran's Labour News Agency wrote in November last year.