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Iran, Azerbaijan inaugurate new border bridge
A new vehicular bridge that connects Astara in northwestern Iran to the city of the same name in southeast of the Republic of Azerbaijan was brought into operation at the common border on Saturday.
The long-awaited vehicular bridge, built over the Astarachay River, was inaugurated at a ceremony attended by Iranian Roads Minister Mehrdad Bazrpash and Deputy Prime Minister of the Republic of Azerbaijan Shahin Mustafayev.
The border bridge has a width of 32 meters and is 89 meters long. It completes a major section of an international highway that connects Iran’s Rasht to the Azeri capital of Baku.
Speaking in the inauguration ceremony, Bazrpash said the new bridge is the fifth border crossing between the two neighbors.
The old bridge and terminal between the two countries at Astara border had created many problems in the travel of trucks, the minister said, adding that the new bridge will significantly cut traffic congestion at the border.
Bazrpash noted that the road and rail transport between the two countries have increased by 40 and 47 percent respectively.
The foundation of the new bridge over the Astarachay river was laid in January 2022.
Iran-Turkey trade hits $5 billion in 11 months
The Turkish Statistical Institute (TURKSTAT) put the total value of the trade exchanges between Iran and Turkey in the first 11 months of 2023 at $5 billion.
The trade exchanges between the two countries from January to the end of November 2023 registered a 13-percent decline compared to last year’s corresponding period, it said.
The total value of the trade exchanges between Iran and Turkey in the same period in 2022 exceeded $5.8 billion.
According to the report, Turkey exported $3 billion worth of products to Iran from January to November 2023, registering a seven percent hike compared to the first 11 months of last year.
Turkey exported over $2.8 billion of products to Iran from January to November 2022.
Turkey has imported $2 billion worth of non-oil goods from Iran in the 11 months of 2023, showing a 33 percent decline compared to last year’s corresponding period.
Turkey imported over $3 billion worth of products from Iran between January and November 2022.
The total value of trade exchanges between Iran and Turkey exceeded $594 million in November 2023, showing an 18 percent growth compared to November 2022.
Iran private sector ready for more enhanced role in Afghan economy”
Head of Mashhad Chamber of Commerce, a local Iranian chamber of commerce in Khorasan Razavi Province which shares large borders with Afghanistan, says Iran private sector stands ready to play a more increased role in Afghanistan’s economy.
Mohammad-Reza Tavakkoli made the remarks in a meeting in Mashhad on Saturday with a high-ranking Afghan delegation headed by acting foreign minister of the Taliban Mawlawi Amir Khan Muttaqi.
Currently, the ground is prepared for greater cooperation between Iran and Afghanistan, he said, expressing hope for more improvement of economic relations between the two countries by removing some obstacles hindering bilateral relations.
Speaking in the meantime, the Afghan foreign minister stressed that his country is secure enough for foreign investors, adding that Kabul is very eager to see the presence of Iranian economic actors in Afghanistan.
Referring to Afghanistan’s rich farms and mines, he said that today investors are coming to the Afghanistan from distant countries and the ground is prepared for the presence of Iranian investors.
The minister added that his country plans to join Afghanistan’s transportation routes to that of China, Central Asia and South East Asia and also to other world countries via the Iranian soil.
Mahmoud Siadat, the head of Iran-Afghanistan Joint Chamber of Commerce, who was also present in the meeting, referred to some problems on the way of Iran-Afghanistan cooperation and proposed for the formation of a permanent committee to pursue the implementation of economic agreements between the two countries.
Mohammad Yunus Momand, the Chairman of Afghanistan Chamber of Commerce and Industries (ACCI), was another person who addressed the meeting and called for the establishment of preferential trade with Iran so as to give a boost to Afghanistan’s exports to the western neighbor.
“We don't want our trade balance to be negative and we are looking for a balance between exports to Iran and imports from this country,” he said.
Iran, Kyrgyzstan private sectors discuss new payment systems
Senior representatives from the private sectors of Iran and Kyrgyzstan have urged the need for creating new payment mechanisms between the two countries.
President of the Kyrgyz Union of Industrialists and Entrepreneurs, Danil Ibraev, visited Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) on Thursday where he had a meeting with a number of Iranian private sector actors.
Speaking during the meeting, the ICCIMA Vice President Qadir Qiafeh said that major problems, including the lack of financial and banking mechanisms are hindering trade relations between Iran and Kyrgyzstan.
Many efforts were made between 2005 and 2007 to obtain licenses for the operation of two Iranian banks in Kyrgyzstan, he said, regretting that these attempts failed to succeed.
The operation of Iranian state and private banks in Kyrgyzstan will undoubtedly help the promotion of trade ties between the two countries, Qiafeh said.
Hamed Asgari, the ICCIMA deputy for international affairs, also spoke during the meeting and stressed the need for expansion of transportation and payment systems as the main prerequisites for more enhanced trade with Kyrgyzstan.
He said that “we have to introduce new mechanisms which are independent from the banking networks.”
He proposed that the Iranian knowledge-based companies active in the area of payment systems should have meetings with their counterparts from Kyrgyzstan so as to find new systems other than the usual banking solutions to carry out bilateral payments.
The Kyrgyzstani side, also said in the meantime that the Kyrgyz Union of Industrialists and Entrepreneurs is seeking to carry out joint projects with the Iranian private sector.
Ibraev voiced the union’s readiness for cooperation with Iran and third countries on transportation and logistics areas.
He also touched upon the payment systems between Iran and Kyrgyzstan, and said that the two countries can also make use of the digital currencies within the framework of the Eurasian Economic Union (EAEU) as another payment mechanism.
Iran’s seven-month exports to Pakistan up 62%
Iran’s non-oil exports to Pakistan increased by 62 percent year-on-year during the first seven months of the current Iranian year (March 21-October 22), according to an official with the knowledge of the matter.
Rouhollah Latifi, the spokesman of the International Relations and Trade Development Committee of Iran’s House of Industry, Mining and Trade, said that Iran exported non-oil commodities worth $1.14 billion to its neighbor Pakistan in the seven-month period of this year.
He also announced that Iran imported commodities valued at $352.64 million from Pakistan during the first seven months of this year, with 39 percent drop year-on-year.
The official had previously announced that Iran’s non-oil exports to Pakistan increased by 18 percent in the previous Iranian year (ended on March 20).
Pakistan was Iran’s fifth largest export market in the previous year, importing non-oil products worth $1.488 billion from Iran, Latifi said in May.
He added that Iran imported non-oil goods worth $842 million from Pakistan last year, up 170 percent from the previous year.
Turkmenistan keen to increase gas exports to Iran
Turkmenistan’s Foreign Minister Rasit Meredow has said that his country is eager to pump more gas to Iran.
He made the remarks in Ashgabat on Saturday night while speaking at the closing ceremony of Iran-Turkmenistan Joint Cooperation Commission.
Meredow said that Iran and Turkmenistan have had good talks over the past two days.
A gas contract was signed between Iran and Turkmenistan in 1997, the minister said, adding that Ashgabat is ready for further gas cooperation with Tehran.
Noting that a gas swap is also underway between the two neighboring countries, the Turkmen foreign minister said that Ashgabat is eager to continue and increase such cooperation with Iran.
Also referring to electricity exchange between the two countries, Meredow said that his country is seeking to export electricity to third countries via Iranian soil.
“partnership in reconstruction of Afghanistan would be beneficial for Iran”
Head of Iran-Afghanistan Joint Chamber of Commerce say Iran’s partnership in the reconstruction of Afghanistan would bring benefits to the Iranian market.
Speaking to IRNA economic correspondent on Monday, Mahmoud Siadat urged the need for Iran’s more presence in Afghanistan’s market in the wake of the US withdrawal from the country.
He referred to a recent visit to Iran by a high-ranking Afghan economic delegation which he said was of special significance with the positive changes in Afghan economic situation.
Afghanistan aims to give a boost to trade exchanges and economic relations with Iran which provides a chance for more increased investment in the country, Siadat said.
He noted that severe intervention of foreign forces and red tape in Afghanistan had made it difficult for Iranian investors to establish their foothold in the country’s economy, especially in industrial, mining and agricultural sectors.
Siadat said that the withdrawal of foreign forces has however changed the conditions for the presence of Iranian companies in Afghanistan.
Iran to open trade centers in Pakistan within months
Iran is scheduled to open trade centers in Pakistan within the next few months, according to an official with Iran’s Trade Promotion Organization (TPO).
Hadi Talebian Moghaddam, the director of TPO department for South Asian Affairs, told reporters on Monday that Iran plans to promote the level of trade with Pakistan.
Noting that the current level of trade between Iran and Pakistan does not go beyond $2.5 billion, the official said that the two countries seek to increase bilateral trade to $5 billion by exercising barter trade and free trade.
He also referred to an exhibition of Iran’s potentials for exports to Pakistan and said that the exhibition can further activate the border markets and trade centers to give a boost to trade exchanges.
The event opened in Chabahar, southeastern Iran, on November 17 and was closed on Monday (November 20).
Iran private sector not satisfied with low trade among ECO members
Vice-President of Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) Qadir Qiafeh says the current low level of trade between ECO members does not match with the scope of this organization.
He made the remarks addressing the 5th ECO Business Forum in Tashkent, Uzbekistan, on Friday.
With abundant natural resources and workforce, the organization member states have to tap into the potentials and combine efforts to give a boost to intra-regional cooperation, he said.
Noting that the ECO member countries have had a $1.1 trillion trade with the world in 2022, Qiafeh said that as low as $96 billion of the sum was the share of intra-regional trade.
He also noted that this region has observed as low as 1.5% of the world’s total $1.6 trillion foreign direct investment (FDI) which does not match with the capacities and potentials of this influential part of the world.
He called for further cooperation within the frameworks of ECO common market, implementing an agreement for facilitating visa requirements among ECO members, e-commerce, and launching a joint monetary fund for barter of goods.
The Iran Chamber of Commerce vice president underlined the need for activating ECO Trade Agreement (ECOTA) which he said would pave the way for a free trade agreement within the member states in accordance with the provisions of the country’s Vision 2025.
