Economy, Domestic Economy

Trade With South Africa Up 80%

Trade With South Africa Up 80%Trade With South Africa Up 80%

The implementation of the Joint Comprehensive Plan of Action sent trade with South Africa soaring by 80% last year (March 2016-17) compared with the year before, Iran’s commercial attaché in South Africa said.

JCPOA is the official title of Iran’s nuclear agreement with six world powers, which led to the lifting of most financial and trade restrictions against Tehran in January 2016.

“Last year’s exports to South Africa stood at $42 million. Officials of the two countries have set their sights on raising bilateral trade to $2 billion by 2020,” Seyyed Mehrdad Siyadat-Nasab was also quoted as saying by IRNA.

“To this end, the two sides are improving the infrastructure needed, including opening a direct flight route between the two countries. As we speak, there are indirect flight routes between Iran and South Africa via the UAE, Qatar and Turkey.”

Tiles, ceramic, cement, bitumen, carpets, fertilizers and food are the main goods exported from Iran to South Africa. Imports from the African country to the Islamic Republic mainly include mining machinery, corn, animal feed and oilseeds.

A 20-member commercial delegation from South Africa’s Ministry of Trade and Industry and Department of Trade and Industry are scheduled to visit Iran next month.

“The delegation will include representatives of companies active in the fields of food, chemicals, pharmaceuticals, auto parts, airplanes, steel, telecommunications, furniture and meat among others. It will survey ways of expanding bilateral relations with their Iranian counterparts,” economic counselor of South Africa’s Embassy in Iran, Sarah Dien, said.

In a meeting with Mohammad Reza Karbasi, international affairs deputy of Iran Chamber of Commerce, Industries, Mines and Agriculture, earlier this week, Dien added that a 15-member delegation active in the food industry will also visit Iran and take part in Iran’s Agrofood Exhibition scheduled for May 23-26.

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