Iran's President Raisi strengthens ties with Venezuela during South America tour.

Iran and Venezuela signed a memorandum of understanding to expand cooperation in petrochemicals with a view to carrying out joint projects, building on their already-close cooperation in oil. The two countries want to increase bilateral trade to $20 billion, up from $3 billion. The governments provided no details of the petrochemical deal. The Caracas visit is the first stop on a Latin American tour by Iranian President Ebrahim Raisi, who will also travel to Cuba and Nicaragua.