Iran private sector parliament believes the Persian Gulf country is a safe and secure place for the Iranian businesses to be able to export their goods to Africa, Arab and European countries.
Daniel Ibrayev, a member of the Eurasian Economic Union (EAEU) Trade Council, says the Central Asian economic entity and Iran are taking two steps to coordinate efforts and moves in a bid to pave the way for a smoother trade relations once Tehran enters the Free Trade Zone with the five-member body.
Iran Chamber of Commerce, Industries, Mines and Agriculture proposed the creation of a such an entity with their counterpart entities in the Eurasian Economic Union aimed at accelerating future trade.
Tehran has been planning since 2008 to redenominate the national currency as it continued devaluation. Now, the government is pushing the plan forward following the drastic loss of the currency value in 2018 after the restoration of economic sanctions on Tehran in 2018.
Iran’s largest stock market, Tehran Stock Exchange, keeps closing high over the past week as buyers are reinvesting their money into the stocks as there’s been a relative stability in gold and housing markets.
Stocks hit all-time highs on Sunday encouraged by the previous day’s landmark point when the benchmark index TEDPIX crossed the 195,000 points after more than six months. TEDPIX rose 0.45% helping the market end the second day of the week on a high note, Financial Tribune reports.
Oil prices have risen more than 30 percent this year on the back of supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and U.S. sanctions on oil exporters Iran and Venezuela, plus escalating conflict in OPEC member Libya.
Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) President Gholam Hossein Shafei addressed a large number of ambassadors in their annual meeting at the Iran private sector parliament’s sector.
Iran Chamber of Commerce, the umbrella group of all Iranian private sector, says the three European countries - Germany, France, UK - need to speed up the process of their special financial channel with Iran in the wake of US sanctions.
South Korea has been cutting down on oil imports from Iran and data show there’s been a 70% drop in bilateral trade.