Indonesian delegation discusses boosting trade ties with Iran

Business Materials 24 May 2015 16:24 (UTC +04:00)

Baku, Azerbaijan, May 24
By Fatih Karimov - Trend:

An Indonesian delegation, headed by the country's economy minister, discussed boosting trade ties with Iran in a meeting with officials of Iran's Chamber of Commerce, Industries, Mines, and Agriculture.

The delegation is also comprised of Indonesia's energy and mines, central bank officials, as well as managers of 40 economic enterprises.

Iranian Telecommunication Minister Mahmoud Vaezi, who is the chairman of the Iran-Indonesia joint commission, said the bilateral trade has plunged to one fourth over the past four years due to the banking sanctions against Iran, Fars news agency reported on May 24.

The two sides are negotiating to establish bank branches, launch direct flights, and sign preferential trade agreement to facilitate their trade, Vaezi added.

The annual bilateral trade is currently about $450 million, he said, adding that Iran is willing to implement technical and engineering projects in Indonesia.

The two countries sealed a deal in 2005 according to which Iran will construct a refinery in Indonesia.

Officials say the refinery project will help increase the volume of trade between the two sides by a significant volume.