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Iran, Kazakhstan should form join bank to boost trade, transactions - ambassador

Business Materials 27 January 2021 16:12
Iran, Kazakhstan should form join bank to boost trade, transactions - ambassador

BAKU, Azerbaijan, Jan.27

Trend:

Establishment of Iran-Kazakhstan joint bank and a barter system between the two countries, is necessary, Kazakh ambassador to Iran Askhat Orazbay said, Trend reports via Mehr News Agency.

"One of the main problems between the two countries is banking transactions, so it is preferrable to have a joint Iran-Kazakhstan bank created," said Orazbay.

"The joint bank would be detached from the USD dominance and would not be dependent on the global financial system," he said.

"Iran has recently suggested using a barter system, and Kazakhstan is welcoming this issue since we could boost trade ties with the barter system. So relevant officials should follow the implementation of this case with perseverance," he said.

"The focus should be on commodities that are not under sanctions. The trade transactions between Iran and Kazakhstan was considerable before sanctions, and for example Iran used to export $2 billion of steel products to Kazakhstan," he said.

"The trade between the two countries was reduced due to sanctions, in the current situation the custom tax on commodities that are not sanctioned should be reduced and afterward there should be a bilateral agreement about a free trade zone between Iran and Kazakhstan and we would welcome both cases," he said.

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