CBI’s Vice-Governor, Australia Envoy Confer

EghtesadOnline: A deputy governor of the Central Bank of Iran met the Australian ambassador to Iran, Ian Biggs, on Tuesday to discuss monetary and banking issues. The two sides agreed to expand banking cooperation.

News ID: ۷۸۴۷۹۱

31 July 2019

Akbar Komijani described good banking and monetary relations as the first step toward expanding commercial ties, noting that there are enough economic and banking capacities between Iran and Australia that can be tapped into to improve two-way trade.

“Given the good capacities, we can hope to expand relations in all fields,” he was quoted as saying by the CBI website.

Biggs pointed to his country’s efforts to promote trade with Iran, regretting the fact that bilateral financial relations are not as robust as it can and should be, according to Financial Tribune.

“We need to expand commercial relations,” the envoy said.

Both sides agreed to arrange future meetings between the governors of central banks and ministers of economy, industry and agriculture to identify and secure financial channels for expanding trade in the framework of international norms.

Bilateral Trade

Trade has improved significantly between the two sides in recent years. According to data released by the Islamic Republic of Iran Customs Administration, Iran traded 93,623 tons of non-oil commodities worth $176 million with Australia in the last Iranian year (ended March 20, 2019), registering a 52.2% and 13.03% growth in volume and value respectively compared to the year before.

Iran’s exports to Australia dropped to 14,395 tons worth $31.8 million, down 27.85% and 19.84% in volume and value respectively year-on-year.

On the flip side, Australia exported 79,227 tons of goods worth $144.3 million to Iran, up 90.7% and 24.36% in volume and value respectively YOY.

Iran exported flooring, dates, alabaster, polystyrene and pistachios to Australia during the 12-month period.

Imports mainly included sheep carcasses, coal, and machinery and pod vegetables.

Australia was Iran’s 48th export destination during the year and the 26th exporter to Iran in the year.