Economy, Domestic Economy

Madrid to Host 1st Joint Commission With Iran

Madrid to Host 1st Joint Commission With IranMadrid to Host 1st Joint Commission With Iran

Deputy Minister of Industries, Mining and Trade Mojtaba Khosrotaj is in Madrid at the head of a 60-member delegation to attend the first Iran-Spain Economic Commission and discuss prospective agreements on economic cooperation. The joint commission meeting, which convened on Monday, will conclude today. The signing of Iran-Spain Economic Cooperation Roadmap and several memoranda of understanding is also on the Iranian delegation’s agenda led by Khosrotaj, who is also the head of Trade Promotion Organization of Iran. “We have been having talks with the Spanish party for the past six months. We agreed to devise and finalize a roadmap for economic cooperation,” Khosrotaj told IRNA.  “In our two-day stay, we try to discuss our practical ties with the Spanish side.” Spain is among European countries that were quick to forge trade and economic ties with Iran in the post-sanctions era.  Iran’s trade with Spain has been on the rise since March 2013-14 to reach $593.32 million in the last Iranian year (March 2016-17) when Iran exported $244.07 million worth of commodities to the European country and imported $349.25 million. Recent data from Iran Customs Administration show that Iran’s exports to Spain reached $68.79 million, marking a 57.75% decrease in value during the seven months to Oct. 22 compared with last year’s corresponding period. Imports rose by 14.48% to reach $215.63 million.


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