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Iran, Pakistan urged to exercise barter trade
Economic activists from Iran and Pakistan believe that the two countries have to exercise free trade and barter trade mechanisms to further expand bilateral relations.
Iranian and Pakistani trade delegations met in a business meeting in Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) headquarters in Tehran on Saturday which took place on the sidelines of Iran Expo 2024 in the Iranian capital.
Speaking during the meeting, the ICCIMA Vice President Qadir Qiafeh said that a $2.1 billion trade between Iran and Pakistan is not proportionate with economic and historical relations between the two neighboring countries.
He referred to targeting $10 billion in bilateral trade, noting that the private sectors of the two countries have a major role in reaching this goal and have to make the necessary planning in this regard.
Ashfaq Ahmed, the vice president of the Federation of Pakistan Chambers of Commerce and Industry, who was also present at the meeting, said that many obstacles, including the lack of direct maritime routes, are hindering the exchanges between Iran and Pakistan.
He also noted that enhancement of banking relations will help facilitate trade exchanges.
Iran private sector highlights preferential trade with Turkmenistan
President of Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) Samad Hassanzadeh has stressed that enhancement of trade between Iran and Turkmenistan relies on establishment of a preferential trade system between the two countries.
Hassanzadeh made the remarks during a meeting in Tehran on Saturday with his Turkmen counterpart Mergen Gurdov.
Noting that Iran-Turkmenistan trade volume stands at $450 million, he said that bilateral exchanges between the two neighboring countries is far behind the potentials.
There is a big potential for cooperation in tourism and health tourism, the Iran Chamber of Commerce president said, adding that Iran can also meet the needs of Turkmenistan in the areas of knowledge-based technology, industry, mine and agriculture.
Referring to problems facing Iranian businesspeople in trade with Turkmenistan, he said that Iran has unilaterally facilitated visa requirements for Turkmen nationals and expects Turkmenistan to reciprocate Iran’s measure.
In the meantime, the Turkmen side referred to major potentials for trade between Iran and Turkmenistan, adding that the Chamber of Commerce and Industry of Turkmenistan is ready to pave the way for further expansion of bilateral trade.
Hailing the high level of Iran Expo 2024, which is currently underway in Tehran, he said that a similar exhibition is held annually in Turkmenistan and the country is willing to see Iranian businesspeople in this event.
Iran private sector vows more contribution to Tehran-Ankara trade
President of Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) Samad Hassanzadeh has pledged on behalf of the Iranian private sector to help the government reach a target $30 billion in annual trade with Turkey.
Hassanzadeh, who accompanied President Ebrahim Raisi in a visit to Ankara, made the remarks during an Iran-Turkey business forum which was participated by the presidents of both countries.
Noting that the current level of trade between Tehran and Ankara is not compatible with the capacities of the two sides, he said that the $30 billion target for annual trade is more than twice the current level of trade between the two neighboring countries and its fulfilment requires more efforts on both sides.
Hassanzadeh also expressed hope that with the implementation of the economic agreements reached in this visit as well as the agreements of a joint commission of the two countries in Tehran, Iran and Turkey will soon witness a breakthrough in trade cooperation.
The Iran Chamber of Commerce president said that Tehran and Ankara can cooperate on different areas including, the energy sector, mines, industrial equipment, pharmaceuticals, agriculture, Halal industry and science-based industry as well as joint production of different items such as home appliances.
He voiced the readiness of Iran Chamber of Commerce to share information with the Turkish part to further increase bilateral trade.
Iran private sector calls for solving transportation problems with Tajikistan
Hamed Asgari, the director of the international affairs of Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA), has urged the need for solving the problems hindering transportation between Iran and Tajikistan.
Addressing an Iran-Tajikistan Business Forum in Tehran on Monday, Asgari referred to transit problems as the main obstacle to enhancement of Iran-Tajikistan trade.
He stressed that launching production lines and making joint investments are the best ways for establishment of long-term trade relations between Tehran and Dushanbe.
Asgari also expressed hoped for implementing of an agreement for cancelling visa requirements between the two countries and facilitating commercial travels.
Iran and Tajikistan can cooperate in different areas, including agriculture, food, textile, mining, technology and machinery, he said, adding that Iran can provide Tajikistan’s access to the high seas.
Noting that last year’s volume of trade between Iran and Tajikistan grew to $250 million from $100 million a year earlier, he however added that trade exchanges between the two countries are still far below the existing potentials.
Asgari expressed hope that Iran and Tajikistan will reach a $500 million target for annual trade exchanges within the next few years.
Haydar Rajabov, the deputy chairman of the Chamber of Commerce and Industry of the Republic of Tajikistan, was another one to address the forum. He referred to mining industry, extraction of constructional materials, pharmaceuticals, and agriculture are the main areas on which Iran and Tajikistan can cooperate.
Noting that Tajikistan is offering different incentives to support further investment in the country, he called for further presence of Iranian investors in Tajikistan’s projects.
Iran ready for comprehensive transportation deal with Turkey
The Iranian minister of roads and urban development expressed the country’s readiness to compile and finalize a comprehensive document on transportation and transit with neighboring Turkey.
In a meeting with Turkish Minister of Transport and Infrastructure Abdulkadir Uraloglu in Turkey, Mehrdad Bazrpash voiced Iran’s readiness to develop cooperation in the road, rail, air and maritime sectors with Turkey and sign a comprehensive transportation document with the neighboring state.
Bazrpash, who is also the head of Iran-Turkey Joint Economic Cooperation Commission, held separate meetings with senior Turkish officials during his trip to exchange views about the trade and economic ties between the two countries.
Iran attaches great importance to its relations with the neighbors in all sectors, Bazrpash stated and underlined that the two countries can bring about peace, stability and welfare in the region.
The Iranian minister also put forward a series of proposals on cooperation among the regional countries regarding the transit corridors (International North-South Transport Corridor (INSTC), according to Tahlilbazaar website.
Hailing a considerable increase in the trade exchanges between Tehran and Ankara, Bazrpash discussed various issues during his stay in Turkey, including the high transit capacity of Iran and the promotion of economic cooperation.
The value of trade exchanges between Iran and Turkey in the first 11 months of 2023 hit $5 billion, the Turkish Statistical Institute (TURKSTAT) said last week.
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.