Iran, Russia Commerce Chamber Chiefs Discuss Trade Ties Amid Sanctions

EghtesadOnline: Chairman of Iran Chamber of Commerce, Industries, Mines and Agriculture Gholamhossein Shafei met with President of the Russian Federation's Chamber of Commerce and Industry Sergey Katyrin in Tehran on Saturday.

News ID: ۷۸۴۳۸۵

10 December 2018

The two sides surveyed avenues for expanding bilateral economic and commercial ties in the face of US sanctions. They agreed to hold the next annual Iran-Russia Commercial Forum in July 2019 in Russia’s Saratov.

“Oil and gas, agriculture, food, transportation and logistics are among the most important issues that can be discussed at the upcoming event … The Russian chamber has planned for the Iranian side to have a strong presence in the forum with representatives from the private sector as well as the Iranian Judiciary and Parliament,” Katyrin was quoted as saying by the news portal of ICCIMA.

Shafei said that the US sanctions imposed on the two countries have provided new grounds of cooperation between Iranian and Russian businesspeople, according to Financial Tribune.

The two countries' chambers of commerce, he added, need to detect the handicaps facing trade and urge their respective governments to further facilitate bilateral economic interactions.

Trade between Iran and Russia during the first half of 2018 exceeded $945 million, which shows a 28.3% increase compared with the corresponding period of last year, according to data released by the Federal Customs Services of Russia.

The trade volume accounted for 0.28% of Russia’s foreign transactions over the period, up from the first six months of 2017, in which the share was 0.27%.

Iran was Russia’s 47th trade partner in H1 2018. Over last year’s similar period, Iran was Russia’s 50th trade partner, IRNA reported.

Russia exported $629 million worth of commodities to Iran during the six-month period to register a 23.65% rise year-on-year. The export volume accounted for 0.29% of Russia’s total exports over the period under review.

The main exported goods from Russia to Iran during the period were agricultural products, transportation machinery and equipment, articles made of wood and paper, metal and metal products, and chemicals, which made up 54.46%, 14.89%, 13.42%, 11.62% and 2.85% of the total volume of exports respectively.

Iran exported $316 million worth of goods to its northern neighbor, which shows a 38.71% rise year-on-year. The volume accounted for 0.24% of Russia’s overall imports over the six months.

Iran’s main exports to Russia during the six months included agrifood products, metals and metal products, chemicals and different kinds of machinery with a 77.37%, 11.6%, 7.47% and 1.1% share in total export respectively.