Economy, Domestic Economy

Foreign Trade Outlook Poised for Change

Foreign Trade Outlook Poised for Change Foreign Trade Outlook Poised for Change

Asian countries have emerged as Iran’s main trade partners amid western sanctions imposed against the country over its nuclear energy program. China currently tops the list of Iran’s business partners. Iraq, the UAE, Afghanistan, India, Turkey, Turkmenistan, Pakistan, Hong Kong and Egypt trail China as the main destinations for Iranian goods. As for imports, China, the UAE, South Korea, Turkey, India and a handful of European countries are the main exporters to Iran. But how will a possible lifting of sanctions change the situation is a question discussed in an article in Eghtesad News.

Recently, deputy minister of industries, mining and trade, Mojtaba Khosrotaj anticipated major reforms with regards to Iran’s foreign trade after an eventual lifting of sanctions and said emergence of new trade partners is a sure thing. Following an interim nuclear deal signed between Iran and the P5+1 group of countries (the five permanent members of the UN Security Council plus Germany) in Geneva, Switzerland, trade delegations from several countries were quick to visit Iran outdo their competitors.

“The removal of sanctions will enable Iranians to access diverse sources to purchase quality items at more competitive costs,” he added.

Meanwhile, deputy head of Iran-China Chamber of Commerce Majidreza Hariri believes China will remain among Iran’s leading trade partners even after normalization of trade relations with the West.