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Iranian President Ebrahim Raisi said during a visit to Venezuela on Monday that the two countries have "common interests and we have common enemies."
Raisi, who met with Venezuelan President Nicolas Maduro, said Iran and Venezuela want to boost trade from about $3 billion per year to $20 billion a year.
Both countries are under heavy U.S. sanctions.
The two sides signed a number of agreements Monday, including expanding cooperation in petrochemicals and mining.
Raisi is on a tour of allies in Latin America that includes stops in Cuba and Nicaragua.
Some information for this report came from The Associated Press, Agence France-Presse and Reuters.