Economy, Domestic Economy

Iran’s Share of Russian Market Meager

Iran’s Share of Russian Market MeagerIran’s Share of Russian Market Meager

Iran’s exports to Russia amount to $300 million per year, which constitute less than 1% of the neighboring country’s annual imports worth $400 billion, according to the head of Tehran’s Industries, Mining and Trade Organization. “Among the main reasons for this poor performance are lack of proper transportation systems, impediments to banking interactions, problems concerning tariffs and customs formalities and the fact that Iranian merchants and economic players are unfamiliar with the rules and regulations of trading in Russia,” IRNA quoted Mohammad Reza Mesforoush as saying. The official noted that TIMTO is hosting a forum on August 30 with the aim of addressing obstacles to trade with Russia.