Economy, Domestic Economy

Trade With Hungary and Banking Issues

Trade With Hungary and Banking Issues
Trade With Hungary and Banking Issues

Iran and Hungary should reinvigorate their banking relations before they can increase their trade which is currently hovering around $40 million per annum, minister of trade, mine and industry, Mohammad-Reza Nematzadeh said on Tuesday following his official meeting with the Hungarian foreign minister Peter Szijjarto in Tehran.

“Expansion of bilateral trade between Iran and Hungary requires active banking relations. Therefore, we recommended an Iranian bank and a bank from Hungary initiate the process,” Nematzadeh was quoted by IRNA as saying, describing the current level of trade between the two countries as “unacceptable”.

He added that both sides have discussed ways to expand cooperation in pharmaceutical industry, auto-parts manufacturing, water management and agriculture.

He noted that Hungary is seeking to reach a tax treaty with Iran which would enable traders from both sides to avoid double-taxation, announcing that the proposal will be put to discussion  during the upcoming visit to Iran by the Hungarian premier.

According to Nematzadeh, Iran’s imports from Hungary include agricultural machinery and spare parts, while horticultural products, dried fruits and carpet are the main Iranian exports to the Central European country.

 “The removal of western anti-Iran sanctions [imposed over the country’s nuclear energy program], will certainly open new horizons for Iranian exporters,” he added.