Code: 1118111 A

Short-term solutions cannot boost Iran’s commercial ties with world

Prominent members of Iran's business and international trade community say short-term and ad-hoc solutions cannot boost the country’s commercial ties with the world, and Iran needs to improve political and diplomatic ties with the world.

Short-term solutions cannot boost Iran’s commercial ties with world

The website of Tehran Chamber of Commerce, Industries, Mines and Agriculture on August 11 carried a brief article by Sharif Nezam-Mafi, the chairman of Iran-Switzerland Chamber of Commerce in which Nezam-Mafi said that short-term solutions no longer work in the area of international financial transactions.

He attributed Iran's foreign trade problems to the fact that in recent years, businesses in Iran have been having minimal access to international banking because of US sanctions and Iran's refusal to join international conventions against money laundering and funding of terrorism.

Nezam-Mafi said the problem is not limited to transactions with the West and that soon, Iran will not be able to conduct any financial transactions with Russia and China. These problems should be solved at a higher level.

"Under the pressure of sanctions, Iran resorted to using money changers for small scale international transactions in order to circumvent the sanctions, but this is not doable when you want to have major transactions with multinational companies."

Nezam Mafi said this problem deprives Iran of conducting business even with regional countries.

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sanctions against Iran Iran's foreign trade Short-term solutions Iran’s commercial ties international banking
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