Iran Chamber of Commerce, Industries, Mines and Agriculture

Iran, Uzbekistan urged to move toward national currencies in bilateral trade

Iran and Uzbekistan need to move toward using their national currencies in bilateral trade to resolve payment-transfer concerns and facilitate the expansion of economic relations, Iran Chamber of Commerce Vice President Hossein Pirmoazzen said on Tuesday.

Speaking at a meeting of an Iranian business delegation with Uzbekistan Economic Assembly Chairman Muxtar Umarov, Pirmoazzen said the shift toward national currencies was among the measures needed to overcome key obstacles to the growth of trade between the two countries. He said bilateral economic relations had grown 38% over the past year, adding that the two sides should pursue their previous understanding to raise trade to $2 billion. Pirmoazzen also called on the private sectors of both countries to press their governments to implement practical solutions for expanding economic ties. Pirmoazzen said resolving problems related to money transfers should be a priority and that national currencies could be used as the basis for bilateral transactions. He also called for easier transport routes between the two countries to facilitate the movement of goods. He proposed increasing the number of goods that can be traded tariff-free under the preferential trade agreement between Iran and Uzbekistan from 20 to 80. Strengthening databases on the economic capacities of businesses in both countries through a joint memorandum of understanding was another measure he proposed. Umarov said Iranian companies could operate in Uzbekistan’s free economic zones, adding that the Uzbek side had defined a range of support measures for Iranian companies interested in the country’s market. He also announced the creation of a platform to introduce economic capacities in 20 countries and facilitate the exchange of business information. Umarov said members of the platform would have access to the available database. He added that an area had been established in Tashkent where Iranian companies could invest, produce goods and export to other markets. The area operates as a dry port and provides production and trade services, including customs procedures.
Iran Chamber of Commerce, Industries, Mines and Agriculture

Iran Chamber of Commerce, Industries, Mines and Agriculture

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