Iran, Kazakhstan target $1b in annual trade

TEHRAN – Head of Iran-Kazakhstan Joint Chamber of Commerce said the two countries have the potential to boost their annual trade to $5 billion, however considering the current conditions the two sides have targeted $1 billion in trade over a 3-5 year period.

“Iran-Kazakhstan Joint Chamber of Commerce, considering all the existing conditions, has targeted $1 billion of non-oil trade over a period of three to five years, but the two sides have the potential to boost their annual trade to $5 billion” Amir Abedi told IRNA.

“Achieving this goal will increase the country’s production capacity and will lead to economic growth and export development,” he added.

Underling the significance of the Iran-Eurasian Economic Union (EAEU) free trade agreement as a great opportunity for increasing the level of trade with the members of the mentioned union, Abedi said: “Countries all around the world conduct trade based on free trade agreements, since such agreements open the doors of the country’s economy to exports and imports and consequently increases economic growth and boost export and production capacities.”

Also Read: Iran’s Fashion Industry Leaders Urge Modern Management and Academic Integration for Sustainable Growth

He pointed out that Iran’s geopolitical position, especially with regard to the countries in the region, has provided a good capacity for the development of foreign trade.

“One of the best trade agreements signed with foreign partners to date is the trade agreement with the Eurasian Economic Union, which was approved by the parliament and the government,” Abedi stated.

Noting that Kazakhstan is the second-largest market in the Eurasian Union, he stressed: “This country has special cultural and historical relations with Iran which can hopefully help increase the economic relations as well.”

The official put the trade between the two countries in the previous Iranian calendar year at $205 million of which $168 million was the share of Iranian exports to Kazakhstan and $37 million was for imports.

According to Abedi, Kazakhstan currently has an annual trade of $95 billion, of which Iran has the potential to account for five percent.