Iran Chamber of Commerce, Industries, Mines and Agriculture

Iran-Italy trade could reach $15 billion when sanctions removed, chamber chief says

Trade between Iran and Italy could rise to around $15 billion from less than $1 billion if normal economic relations are restored, the head of the Iran-Italy Joint Chamber of Commerce said, blaming sanctions and international restrictions for the sharp decline.

Ahmad Pourfallah said Iran and Italy had traded about $8 billion worth of goods before sanctions were imposed, adding that the figure could have nearly doubled if bilateral economic relations had continued under normal conditions. “Italy was Iran’s leading European trading partner before the sanctions,” Pourfallah said in an interview with the news portal of Iran Chamber of Commerce. He said Italy had traditionally sourced a significant share of its needs from Iran, with Iranian purchases by Italy exceeding Italian exports to Iran in some periods. Bilateral trade has since fallen to less than $1 billion, Pourfallah said, with a significant portion of transactions now taking place through unofficial channels. He also pointed to long-standing cooperation in the energy sector, saying Italian refineries had for years operated based on the specifications of Iranian crude and consumed Iranian oil and petrochemical products. Pourfallah said the expansion of trade required resolving Iran’s broader international economic difficulties and creating predictable conditions for businesses to cooperate on the basis of mutual interests. “The potential for cooperation between Iran and Italy is very broad, but sanctions and existing restrictions have prevented the two countries from fully using these capacities,” he said.
Iran Chamber of Commerce, Industries, Mines and Agriculture

Iran Chamber of Commerce, Industries, Mines and Agriculture

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