September 19, 2020

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Tehran, Porto stress barter trade to expand economic ties

TEHRAN – Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) and the Porto Chamber of Commerce and Industry (ACP/CCIP) held a webinar on Tuesday to explore ways of expanding trade cooperation between the two sides.

Criticizing the current level of trade between the two nations, the two sides stressed the need for using barter trade and establishing financial channels between the two countries to improve the economic relations, ICCIMA portal reported.

“The use of barter trade is one of the ways to develop trade cooperation, the realization of which, of course, requires the cooperation of the central banks of the two countries and establishing a financial exchange system,” ICCIMA Deputy Head for International Affairs Mohammad-Reza Karbasi said in the webinar.

Organized by the ICCIMA in collaboration with the Embassy of the Islamic Republic of Iran in Lisbon and the Porto Chamber of Commerce and Industry, the mentioned webinar was attended by ICCCIMA Deputy Head Mohammad-Reza Karbasi, Iranian Ambassador to Lisbon Morteza Damanpak Jami, some CCIP board members as well as a group of Iranian and Portuguese businessmen.

Following up on the agreements signed previously between the two countries, planning to increase trade between the two sides, and strengthening mutual investment were also among the issues addressed by the webinar speakers.

Speaking in the event, Karbasi mentioned Iran and Portugal’s long-lasting relations and said: “Despite the long-standing bilateral relations, the existing opportunities have not been used optimally and therefore trade between the two countries is at a low level.”

Under an agreement signed in 2009 between the ICCIMA and the CCIP, the two sides set up a Joint Trade Council. The two sides also stressed that this council should be more active and the Portuguese side should introduce an envoy in Tehran.

Affected by the U.S. sanctions, the trade relations between Iran and Portugal fell to their lowest level last year.


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