Japans sending high-ranking economic delegation to Iran

A high-ranking Japanese delegation consisting of the heads of the country's major private companies will soon arrive in Iran's capital city, Tehran, to discuss expansion of bilateral economic relations, PressTV reported.

According to a statement by the Trade Promotion Organization (TPO) of Iran on Sunday, the Japanese delegation will be headed by chairman of the Japan External Trade Organization (JETRO), Hiroyuki Ishige.

The statement added that during his stay in Iran, Ishige will meet and discuss expansion of trade and economic relations between Tehran and Tokyo with head of TPO, Valiollah Afkhami-Rad.

The two officials are scheduled to meet in Tehran on October 7, during which the two sides are expected to sign cooperation agreements. Representatives of the two countries' private sectors will also meet and discuss bilateral trade.

In an earlier interview, the TPO head had noted that frequent visits by foreign trade delegations to Iran following the conclusion of Iran's nuclear talks with the P5+1 group of countries mostly aims to promote joint investment in Iran.

"The volume of trade between Iran and Japan has fallen in the past years and has slumped to less than 10 percent in non-oil sectors, which is too low to meet the two countries' needs," he added.

The official noted that Iran is ready for joint investment with Japan in such fields as oil, gas and petrochemical industry, mineral industries, automobile manufacturing, and nanotechnology after sanctions imposed on Iran are removed.

According to IRNA, the volume of Iran-Japan trade stood at about USD 2.5 billion before imposition of sanction, but fell to USD 240 million in later years.

Sanctions were imposed on Iran by the United States and the European Union under the pretext that Tehran's civilian nuclear program was diverted toward military purposes; an accusation that Iran categorically rejected.

On July 14, 2015, Iran reached an agreement with the P5+1 group of countries - the US, the UK, France, China, and Russia plus Germany - also known as the Joint Comprehensive Plan of Action. According to the agreement, Tehran will accept limitations on its nuclear program in return for the removal of sanctions on the country's economic sectors, including oil and gas industry.

JETRO is a government-related organization that works to promote mutual trade and investment between Japan and the rest of the world. The organization was originally established in 1958 to promote Japanese exports abroad.