Economy, Domestic Economy

New Tariffs Will Check Unrestrained Imports

New Tariffs Will Check Unrestrained ImportsNew Tariffs Will Check Unrestrained Imports

Tariff systems in the post-sanctions era will be aimed at supporting producers by preventing excessive imports, says deputy minister of industries, mining and trade Mojtaba Khosrotaj.

“The tariff system is an effective tool to keep imports in check,” he said adding that to protect production and control imports the government has adopted a tariff system in which a 75% import tariff will be imposed on goods entering the country, IRNA reported.

 “To control excessive imports, the government intends to stabilize the foreign exchange rates and prevent fluctuations; so it is unlikely that imports will skyrocket once the sanctions are lifted,” the official noted.

Minister of Industries Mining and Trade Mohammadreza Nematzadeh echoed similar remarks in Iran-EU Trade Conference held in the Austrian capital July 23-24 when he said: “We are no longer interested in unidirectional imports of goods and machinery from Europe…We are looking for a two-way trade, as well as cooperation in development, design, engineering and joint investment for production and export.”

The government’s main policy is to remove export barriers. Foreign trade has a minimal share in the country’s economy and accounts for 17% to 18% of the GDP, according to Khosrotaj.

He went on to say that, in the post-sanctions era, a part of foreign trade will be engaged in imports of raw materials for the production of intermediate goods.

“Imports which prepare the grounds for an industrial movement, production or job creation are neither bad nor a cause for concern,” he said.

In accordance with the achievements of the nuclear negotiating team, economic diplomacy needs to be pursued to expand non-oil exports, he concluded.

Iran and world powers agreed on July 14 to end more than a decade of dispute over Tehran’s nuclear energy program. As part of the deal sanctions imposed by the US, EU and the UN Security Council against Iran will be lifted.