Iran, OIC member states’ exchange surge 0.19 percent YoY

(MENAFN) In the past Iranian calendar year ending on March 19, 2024, the trade exchanges between Iran and the 56 member states of the Organization of Islamic Conference (OIC) amounted to USD61 billion, marking a slight increase of 0.19 percent compared to the previous year.

According to Mohammad Rezvanifar, the head of the Islamic Republic of Iran Customs Administration (IRICA), the volume of trade between Iran and OIC member states during this period totaled 94 million tons, reflecting a decrease of 4.22 percent compared to the preceding year. Of this, Iran exported products valued at USD29 billion to OIC countries and imported goods worth USD32 billion from them.

Rezvanifar further noted that while Iran experienced an 11 percent decline in the value of its exports to OIC members, imports from these countries increased by 13 percent compared to the previous year.

Among the OIC member states, Iran's major trade partners included the United Arab Emirates (UAE), Turkey, Iraq, Pakistan, Oman, Afghanistan, Malaysia, and Indonesia.

In May 2023, the former head of the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) emphasized the importance of establishing a joint Islamic market among OIC members within the next decade. This underscores the potential for enhancing economic cooperation and integration within the Islamic world, contributing to the development and prosperity of member states.

Speaking at a meeting of OIC member chambers of commerce during the "Russia - Islamic World: Kazan Forum 2023" in Russia, Gholam-Hossein Shafeie pointed out: “An important issue that has been discussed a lot in the past and the organization should pay attention to it in the current situation is the creation of a common Islamic market in the next 10 years, which can be achieved by concluding a free trade agreement among Islamic countries and removing tariff and non-tariff barriers.”



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