Economy, Domestic Economy

Iran, Lithuania Working to Ease Bilateral Trade

Iran, Lithuania Working to Ease Bilateral TradeIran, Lithuania Working to Ease Bilateral Trade

Negotiations are underway with Iran’s Ministry of Industries, Mining and Trade to reduce 50% of customs duties on imports from and exports to Lithuania, says the head of Iran-Lithuania Commerce Council.

Mehrdad Motamedi added that the move would incentivize other European countries to export their goods to Iran through Lithuania.

According to the latest figures, Iran exported €375 million worth of goods to the European country in the past two months. This is while the figure was less than €180 million some four months ago.

In recent months, imports from Lithuania were a meager €140 million, ISNA quoted Motamedi as saying.

Andrius Krivas, vice minister of foreign affairs of Lithuania, visited Iran last month to discuss ways of expanding economic relations, inter-banking ties in particular, between the two countries.

“A 40-member Lithuanian delegation headed by director general of the Association of Lithuanian Chambers of Commerce, Industry and Crafts, Rimantas Sidlauskas, visited Iran around 10 days ago. A memorandum of understanding was signed between representatives of Lithuanian companies and Iranian producers of glass and furniture,” he said on Friday.