Iran and Pakistan have signed a memorandum of understanding (MoU) to boost bilateral efforts that could lead to a quick expansion of trade ties between the two neighboring countries.

The MoU was signed on Monday on the sidelines of an Iranian trade exhibition in the Pakistani city of Karachi between head of Iran’s Trade Promotion Organization (TPO) Alireza Paymanpak and head of The Trade Development Authority of Pakistan Muhammad Zubair Motiwala.

The agreement allows Iran and Pakistan to exchange trade information while enabling businesses to increase their presence in trade events held in the two countries, according to a report published on the TPO’s website.

It said the MoU will also facilitate the exchange of trade delegations and experts between Iran and Pakistan, adding that trade authorities of the two countries will be committed under the agreement to holding training courses for businesses involved in bilateral trade.

Peymanpak expressed hope upon signing the document that it could help Iran and Pakistan soon reach a target of $5 billion in bilateral trade.

The signing of the MoU comes days after local authorities in border regions of Iran and Pakistan signed an agreement to boost cross-border trade and people-to-people exchanges between the two countries.

It also comes amid Iran’s continued efforts to expand trade ties with neighbors as the country moves ahead with plans to diversify its economy away from oil revenues targeted by US sanctions.

Iran and Pakistan are currently on a preferential trade arrangement under which the two countries have sought to reduce some trade barriers and tariffs in recent years.

Media reports have suggested the two countries are seeking to sign a free trade agreement by March.

Iran and Pakistan have signed a memorandum of understanding (MoU) to boost bilateral efforts that could lead to a quick expansion of trade ties between the two neighboring countries.

The MoU was signed on Monday on the sidelines of an Iranian trade exhibition in the Pakistani city of Karachi between head of Iran’s Trade Promotion Organization (TPO) Alireza Paymanpak and head of The Trade Development Authority of Pakistan Muhammad Zubair Motiwala.

The agreement allows Iran and Pakistan to exchange trade information while enabling businesses to increase their presence in trade events held in the two countries, according to a report published on the TPO’s website.

It said the MoU will also facilitate the exchange of trade delegations and experts between Iran and Pakistan, adding that trade authorities of the two countries will be committed under the agreement to holding training courses for businesses involved in bilateral trade.

Peymanpak expressed hope upon signing the document that it could help Iran and Pakistan soon reach a target of $5 billion in bilateral trade.

The signing of the MoU comes days after local authorities in border regions of Iran and Pakistan signed an agreement to boost cross-border trade and people-to-people exchanges between the two countries.

It also comes amid Iran’s continued efforts to expand trade ties with neighbors as the country moves ahead with plans to diversify its economy away from oil revenues targeted by US sanctions.

Iran and Pakistan are currently on a preferential trade arrangement under which the two countries have sought to reduce some trade barriers and tariffs in recent years.

Media reports have suggested the two countries are seeking to sign a free trade agreement by March.

Iran and the Eurasian Economic Union (EAEU) will sign a free trade agreement on Jan. 18, 2023, the spokesman of the Ministry of Industries, Mining and Trade announced on Sunday.

Noting that the two sides currently exchange goods based on a preferential trade agreement, Omid Qalibaf added that EAEU has granted tariff concessions to 500 types of Iranian commodities while Iran has listed 400 types.

Asked about the impact of Iran’s import bans on EAEU trade deal, he said the ban will not be applied to imports from the Eurasian bloc.

“Prohibition on import of certain types of goods like historical relics, pig’s meat, etc. continue to be enforced but restrictions on imports implemented to maintain foreign exchange reserves will not be applied,” he was quoted as saying by IRIB News.

There is a long list of products in Iran whose imports have been banned for many years. According to Pour-Kazem Shayesteh, the deputy head of Iran’s Headquarters to Combat Smuggling of Goods and Foreign Exchange, the import of more than 2,000 types of goods are prohibited.

The Iranian government aims to economize on its foreign currency reserves by applying import restrictions.

Iran and EAEU have finalized negotiations on free trade of more than 7,500 types of commodities, the head of the Iranian delegation negotiating with the Eurasian bloc said earlier this month.

“Over the past two years, we have held around 30 rounds of negotiations with representatives of the Eurasian side — some face to face and others online. In the end, we agreed on a 150-page deal, which is the most comprehensive trade agreement [Iran has had],” Mirhadi Seyyedi was also quoted as saying by Tasnim News Agency.

Noting that the agreement has the widest range of commodity coverage in terms of duties, he said officials from Iran’s Trade Promotion Organization and the Eurasian side will soon announce the end of talks by signing a memorandum in Tehran.

Mohammad Khazaei, an aide to Iran Chamber of Commerce president and the Director General of ICC Iran has been elected a member of the International Chamber of Commerce (ICC) World Council.

President of Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) Gholam Hossein Shafei has called for introducing and implementing a preferential trade agreement between Iran and Tajikistan.

Shafei was addressing a conference on chances for trade and investment with Tajikistan which was held in Mashhad Chamber of Commerce in northeastern Iran.

The conference was taking place as a trade delegation from Tajikistan was visiting Mashhad.

The president of Iran Chamber of Commerce said that Tajikistan has been a main trade partner of Iran over the past years. He noted that although bilateral trade between the two countries decreased drastically at some point due to some reasons, it has improved again significantly.

Shafei believed that the potential for economic cooperation between Iran and Tajikistan is much more than the current levels as both countries are member countries to the Shanghai Cooperation Organization (SCO) and the Eurasian Customs Union.

He referred to the limitation of water resources in Iran and high agricultural potentials of Tajikistan and said that Iran can meet part of its needs for agricultural products from Tajikistan and have cooperation with the country in overseas farming.

Chairman of the Chamber of Commerce and Industry of the Republic of Tajikistan Jamshed Jumakhonzoda, also joined the conference in an online way and expressed hope that the two countries would make use of huge potentials to give a boost to cooperation.  

He referred to different Iranian companies doing economic activities in Tajikistan which he said is indicative of the success of Iranian private sector in international economic cooperation.

Jumakhonzoda called for further partnership of Iranian companies in Tajikistan’s economic projects.

Afghan nationals accounted for half of Iran’s foreign investment in 2022 alone, stated Hassan Kazemi Qomi, the Iranian president’s special envoy for Afghanistan on Thursday.

Qomi added that Afghan nationals play a pivotal role in Iran’s economy, as half of Iran’s foreign investment comes from them, therefore the high capacity of Afghan citizens should be utilized when the country is facing difficulties in attracting foreign investment,” Khama Press News Agency reported.

The Iranian official noted that last year, the UAE expelled 700 Afghan businessmen from that country, whose capital was estimated at $30 million. 

"Unfortunately, we failed to attract this capital and encourage Afghan traders to invest in Iran,” he added.

Currently, Iran is plagued with a major challenge in attracting foreign investment. To address the issue, the Iranian government needs to come up with a comprehensive policy to ensure that Afghan business owners can legally run their businesses and other economic activities without facing hurdles. In the past, the bank accounts of Afghan citizens were blocked for vague reasons, which was a big blow to foreign investment, the news agency wrote.

The assets of Afghan businessmen and companies operating in Khorasan Razavi Province are estimated to be around $1 billion, according to an announcement of the Association of Afghan Economic Activists in the northeastern Iranian province.

To capitalize on the existing opportunity by providing work permits, visas and license to Afghan citizens, Iran can attract more foreign investors from Afghanistan, the region and beyond, the report concluded.

It added that Iran is the home of thousands of Afghan citizens, including businesspeople, students and refugees. Besides the increasing problems Afghan refugees are currently faced with, they have lived in peace and harmony for many years in Iran.

Economic Cooperation Organization Day is celebrated every year on November 28. On this day in 1992, ECO experienced a grand enlargement.

Founded as the Regional Cooperation for Development (RCD) in 1964 by Iran, Pakistan and Türkiye, the Forum was rechristened as the Economic Cooperation Organization (ECO) in 1985. It became operational in January 1991, with permanent headquarters at Tehran. The Treaty of Izmir is the basic constituent document of ECO.

The vision behind establishment of ECO was to expand trade among Member States, promote favorable conditions for sustained economic growth, achieve continuous improvement in the living standards of the peoples of the region, consolidate cultural affinities and spiritual and fraternal ties that bind the people of the Member States, and contribute to the growth of world trade.

ECO, being a dynamic Organization, has expanded over the years in terms of membership and mandate. Its membership, initially limited to three, has risen to ten. ECO enlarged in the early 1990s, welcoming the historically and culturally identical states of the Islamic Republic of Afghanistan, the Republic of Azerbaijan, the Republic of Kazakhstan, the Kyrgyz Republic, the Republic of Tajikistan, Turkmenistan, and the Republic of Uzbekistan.

ECO region is home to more than half a billion inhabitants and stretched across 8 million square kilometers of land, connecting the north to south, south and east to the west, Asia to Europe and Eurasia to the Arab World. Composed of some Caucasus, South, West and Central Asian countries, ECO is one of the oldest intergovernmental organizations in the world. ECO has all essential elements to become one of the most prosperous regions of the world with its rich human and natural resources and deep-rooted culture and traditions.

Over the past few decades, the Organization has emerged as an effective forum of economic diplomacy and multilateral activism. ECO Member States, bearing their shared cultural and historic affinities in mind, appear to be always ready, receptive and forthcoming to complement one another, intensifying their collaboration with action and result-oriented motives to achieve the perceived target of greater connectivity and integration in the region.

The year 2022 is special for ECO as it marks the 30^th Anniversary of its enlargement. In order to commemorate the 30^th Anniversary in a very special manner, ECO has planned to hold a ceremony and a Photo Exhibition at Institute for Political and International Studies, Tehran on December 11, 2022. The invitees include diplomatic corps based in Tehran, high-ranking officials of the Government of the Islamic Republic of Iran and staff of the ECO Secretariat. H.E. Hossein Amir Abdollahian, Minister of Foreign Affairs of the Islamic Republic of Iran, being Guest of Honour, will grace the ceremony.

ECO Secretariat will also issue special edition of ECO Chronicle, comprising articles of the honorable Foreign Ministers of ECO Member States, dedicated to the 30^th Anniversary of the Enlargement. Another special edition of Chronicle highlighting rich tourist destinations, especially 74 UNESCO registered World Heritage Sites in ECO countries, will also be issued.

Today, ECO is into fourth decade of its existence. It has enlarged. It has expanded. It has enhanced its scope of cooperation. It has developed a system of bodies that assist the Organization in functioning and carrying out its goals. It has established a strong network of relations with several regional and international organizations. Considering the trajectory of the evolution of the Organization and emerging regional and international scenarios, we are hopeful and motivated that in times to come, ECO would emerge as more developed, more beneficial and an effective platform for multilateral diplomacy.

Hazef Sadatnejad, the operator of a strategically important Khaf-Herat railway between Iran and Afghanistan, has said on Saturday that the two countries have agreed on the relaunch of the railway.

He said that Afghanistan has been held responsible for the damages to parts of the railway.

Amid the political changes in Afghanistan, parts of the railway as well as Rozanak station in the country were subject to robbery and underwent damages.

The first part of the railway project was inaugurated early on December 2020. This part of the railway linked Khaf in Iran to Rozanak station in Afghanistan and the rest of the railway to Herat had yet to be completed.

Sadatnejad said that Iran is ready to complete the remaining part of the railway within six months.

Khaf-Herat railway could provide landlocked Afghanistan to the high seas and other neighboring countries and is also of special significance for international transit.

L egalities for the creation of a free trade zone between Iran and the Eurasian Economic Union are expected to be finalized within a month, Iranian Deputy Industries Minister Alireza Peymanpak, who is also the head of Iran's Trade Promotion Organization, said on Wednesday.

"Considering that within a month the final arrangements and formalities of Iran's presence in the EEU will be over, this can be a positive factor that will affect joint cooperation," he was quoted as saying by TASS.

According to the deputy minister, Iran is interested in creating a free economic zone in partnership with EEU and is ready to provide the infrastructure of its seaports for the implementation of relevant projects.

An interim agreement on the formation of a free trade zone between EEU and its member states (Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia) and Iran was concluded on May 17, 2018, and has been in effect since Oct. 27, 2019.

TEHRAN - Iran National Polymer Industries Association (INPIA) and Turkish Plastics Industrialists' Association (Türk Plastik Sanayicileri Arashtirma Gelishtirme ve Egitim Vakfi or PAGEV) have signed a cooperation memorandum of understanding on the sidelines of the 31st International Istanbul Plastics Industry Fair (Plast Eurasia Istanbul 2022).

As reported by the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) portal, the MOU covers cooperation in various areas including holding joint events, increasing knowledge and awareness of the markets of the two countries in the field of polymer and plastic, and bilateral interaction regarding issues related to the plastic industry.

As one of the largest plastics industry fairs organized annually in Europe, Plast Eurasia Istanbul 2022 was held in Istanbul during November 22-26.