TEHRAN, Iran, Mar.29
Trend:
Approval of the Financial Action Task Force (FATF) related bills would improve Iran's commercial transaction, said Director-General of Trade Promotion Organization of Iran.
"Iran's trade with Europe has declined 33 percent in last Iranian year(started March 20, 2020)," said Behrouz Olfat, Trend reports citing IRNA.
"Rejecting the Financial Action Task Force (FATF)related bills would create difficulties for Iran's commercial transaction. In this regard countries that have trade ties with Iran have warned that failure to approve the FATF-related bills by Iran would make banking and commercial transaction difficult," he said.
Olfat went on to say that approving the FATF-related bills alongside lifting sanctions could improve Iran's commercial relations that could have a positive effect on Iran's trade with the world.
"Prior to US withdrawal from the Joint Comprehensive Plan of Action (JCPOA), Iran's export to Europe was around $2 billion while its import was $15 billion but Iran's total trade with Europe has declined to one third. If sanctions are lifted, more capacities would be created in Iran's commodity export and services to Europe," he said.
Iran's export to Europe was $500 million in the past eleven months of last Iranian year while it has imported $4.5 billion from Europe during this time which indicates a 33 percent decline in Iran's trade with Europe compared to the previous year.