September 24, 2023

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Annual trade with ECO members reaches $20.5b

TEHRAN – Iran’s trade with the members of the Economic Cooperation Organization (ECO) reached $20.5 billion in the previous Iranian calendar year 1401 (ended on March 20), the head of the Islamic Republic of Iran Customs Administration (IRICA) said.

According to Mohammad Rezvani-Far, Iran exported $13 billion worth of commodities to the said nations last year, while the imports stood at $7.5 billion, IRNA reported.

Referring to the trade potentials of ECO member countries in various fields, such as rail and land transport, common borders, as well as territorial and population size, Rezvani-Far said the volume of commercial exchanges with ECO members should be more than this figure.

“IRICA is fully prepared to take the necessary measures for increasing the volume of trade and transit exchanges with ECO members in order to achieve the organization’s goals set according to the ECO agreement,” he said.

The official underlined the development of transit ties with ECO members as a way of boosting trade exchanges with the mentioned countries.

“Iran has many customs agreements and memorandums with ECO member countries, and in order for these agreements to be operational in line with the provisions of the ECO agreement, it is suggested that the ECO secretariat announces the necessary measures needed to be taken with the cooperation of the members,” he noted.

Iran and ECO members traded more than 23.723 million tons of goods worth $11.71 billion during the Iranian calendar year 1400 (ended on March 20, 2022), of which the share of exports was 18.419 million tons of goods worth $6.890 billion and the share of imports from these countries was 5.312 million tons worth $4.819 billion.

Petroleum products, dairy products, foodstuff, fresh and dried fruits, juices and citrus fruits, carpets, saffron, fish, caviar, ornamental aquatic products, various stones, construction equipment, clothing, industrial equipment, bags and shoes, medicine, and health supplies, as well as plastic products, were Iran’s main exported items to ECO members last year, while basic goods, industrial machinery, raw materials for production, and medical supplies and medicine, were the top imported goods from ECO member states.

The Economic Cooperation Organization or ECO is an Asian political and economic intergovernmental organization that was founded in 1985 in Tehran by the leaders of Iran, Pakistan, and Turkey.


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