Value of Iran’s trade with OIC increases by 15 percent
(MENAFN) Trade exchanges between Iran and the 56 members of the Organization of Islamic Conference (OIC) reached a total value of USD26.7 billion in the first five months of the current Iranian calendar year (March 20 to August 21), marking a 15 percent increase compared to the same period last year. According to Mohammad Rezvanifar, the head of the Islamic Republic of Iran Customs Administration (IRICA), the volume of trade during this period amounted to 42.3 million tons, reflecting a 10 percent growth from the previous year. This surge underscores the growing economic ties between Iran and other OIC member states.
During these five months, Iran exported 33.6 million tons of non-oil goods valued at USD13.5 billion to OIC countries while importing 8.7 million tons of commodities worth USD13.2 billion from them. Rezvanifar highlighted that Iran’s exports to OIC members saw a 16 percent increase in value and an 8 percent rise in weight. Similarly, imports from these countries grew by 18 percent in value and 15 percent in weight, signaling a robust bilateral trade relationship. The United Arab Emirates (UAE), Turkey, Iraq, Pakistan, and Oman stood out as Iran’s major trading partners within the OIC.
The growing trade between Iran and OIC members aligns with broader efforts to enhance economic cooperation within the Islamic world. In May 2023, Gholam-Hossein Shafeie, the former head of the Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA), called for the establishment of a joint Islamic market among OIC countries within the next 10 years. Speaking at the "Russia - Islamic World: Kazan Forum 2023," Shafeie emphasized the need for a free trade agreement among Islamic countries to remove tariff and non-tariff barriers, facilitating smoother trade flows.
Shafeie further explained that significant research and expert analysis have been conducted on the creation of a common Islamic market, and the findings could serve as a roadmap for achieving this goal. He stressed that by utilizing these expert insights and fostering greater collaboration, OIC members could pave the way for stronger economic integration. This vision for a unified Islamic market reflects the growing importance of intra-Islamic trade and cooperation in the global economy.
MENAFN09092024000045015839ID1108650824
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.