Iran’s trade with OIC member states hits $61b

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Iran’s trade with OIC member states hits $61b

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THERAN: In the past Iranian calendar year, ending on March 19, 2024, the value of trade between Iran and the other 56 member states of the Organization of Islamic Conference (OIC) amounted to $61 billion. This figure represents a modest increase of 0.19 percent compared to the previous year.

The head of the Islamic Republic of Iran Customs Administration (IRICA) revealed a 4.22 percent decrease in trade volume between Iran and Organization of Islamic Cooperation (OIC) member states for the period from March 21, 2023, to March 19, 2024, totaling 94 million tons.

Mohammad Rezvanifar, as reported by IRNA, disclosed Iran’s exports amounting to $29 billion to OIC countries, while imports stood at $32 billion.

The deputy minister of economy highlighted an 11 percent decline in Iran’s export value to OIC members, juxtaposed with a 13 percent increase in imports from these nations compared to the previous year.

Major trade partners among OIC members for Iran include the United Arab Emirates (UAE), Turkey, Iraq, Pakistan, Oman, Afghanistan, Malaysia, and Indonesia, according to the IRICA chief.

In May 2023, Gholam-Hossein Shafeie, former head of the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA), emphasized the urgency of establishing a joint Islamic market among OIC members over the next decade. Speaking at the “Russia – Islamic World: Kazan Forum 2023,” Shafeie proposed achieving this goal through a free trade agreement and the removal of trade barriers among Islamic countries.

Shafeie underscored the pivotal role of the Organization of Islamic Cooperation in the global energy landscape, citing statistical trends. He urged leveraging expert insights and studies to advance the agenda of a unified Islamic market.