Iran Chamber of Commerce, Industries, Mines and Agriculture

Islamic nations should build joint economic chains, Iran-Iraq chamber head says

Islamic countries should deepen economic integration by creating joint trade, investment and production chains, backed by stronger political commitment and closer coordination among their chambers of commerce, the head of the Iran-Iraq Joint Chamber of Commerce said.

Yahya Al-e Eshaq said the success of a shared economic framework among chambers of commerce in Islamic countries depended on accurately identifying each country’s economic capabilities, needs and comparative advantages, while drawing on expert knowledge alongside political will. He said Islamic countries possessed significant economic potential due to their natural resources, geographic location and trade volumes, providing opportunities to expand cooperation in areas including engineering services, exports and imports, transportation, banking, commodity supply, joint investment and broader economic development. Al-e Eshaq said reducing trade tariffs, removing common barriers, expanding financial and investment cooperation and making use of each country’s comparative advantages would help establish integrated economic value chains across the Islamic world. He added that the production, consumption and transport strengths of individual countries could complement one another and boost regional economic cooperation. He also described barter trade as a practical tool for expanding commerce among Islamic countries, saying nations could exchange surplus production for goods needed by other members, reducing transaction costs while strengthening intra-regional trade.
Iran Chamber of Commerce, Industries, Mines and Agriculture

Iran Chamber of Commerce, Industries, Mines and Agriculture

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