Iran's new trade law needs to be revised - official

Business Materials 7 October 2019 16:09 (UTC +04:00)

Tehran, Iran, Oct.7


Iran's trade law is need of changes, said the head of Iran Economy House Masoud Daneshmand.

"The previous trade law was approved 80 years ago and there was a need for new one," he told Trend.

"Today, the new trade bill is being reviewed by the parliament, but a lot of merchants and businessmen believe that the new law isn't polished enough," said Daneshmand.

"Some of the regulations including money laundering have changed. In the new trade law there are 700 articles related to forming and management of companies and their closures while the other half is general trade issues, dealerships, transportation, bank and insurance documents," he added.

"Considering that all the problems related to domestic and foreign investments should be solved through the law, it should be complete and provide the needed solutions. So, considering the flaws in the current bill, it needs to be reviewed," said the official.

"Iran's Chamber of Commerce has a parliamentary advisor that should follow the case, the government should retract the bill. During this time, the only opponent of the bill was Hosseinali Deligani, the member of the budget and planning committee. So far, around 312 articles from the bill have been approved by MP's," he indicated.

Iran's first trade law was introduced in 1932, based on the French trade law from 1807. The law was translated into Persian, but many found it to be insufficient. The law was reformed in 1968, however at the current time, it seems that Iran needs to make more adjustments to it.