Economy, Domestic Economy

Globalization Key to Strong Economy

Globalization Key to Strong EconomyGlobalization Key to Strong Economy

Iran should move toward globalization to achieve economic stability, says chairman of the Education, Culture and Economy Department at Iran’s Chamber of Commerce, Industries, Mines and Agriculture, Jamshid Edalatian.

“The more the economy is globalized, the more difficult it will be to restrict it by imposing sanctions,” ISNA quoted the official as saying.

Looking back at Iran’s attempts to gain membership to the World Trade Organization over the past two decades, he reviewed the barriers to the country’s accession to WTO during the period.

“A step forward was when Iran was approved as a WTO observer member in 2005. But the imposition of western sanctions [against Iran over its nuclear energy program] during the same period prevented Iran from preparing and submitting its foreign trade memorandum immediately,” he said.

He noted that membership in WTO is only possible after the economic sanctions are lifted, which would pave the way for holding talks with the European Union member states for signing Preferential Trade Agreements and negotiating with members of Economic Cooperation Organization.

He predicted that the process would require at least another 10 years.

The WTO is an intergovernmental organization that regulates international trade. The member states account for approximately 98% of global trade. The organization was officially launched in 1995, replacing the General Agreement on Tariffs and Trade.