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Sunday, 17 October 2021 (YJC)_Iran’s Trade Promotion Organization (TPO) head said the country’s accession to the Shanghai Cooperation Organization (SCO) will facilitate the country’s trade relations with its foreign trade partners.
“Expanding exports and imports with members of the SCO will also facilitate Iran's trade relations with the world,” Alireza Peyman Pak told IRNA.
Iran was officially accepted into the SCO on September 17 during the 20th anniversary of the establishment of the organization.
Iran's membership in this organization, in addition to political achievements, will also offer a wide range of economic opportunities to the country’s businessmen.
Peyman Pak stressed that Iran should take advantage of this opportunity to develop its economic relations, noting that the country's economic diplomacy apparatus can benefit from the conditions of membership in the SCO to reduce tariffs, establish banking relations, and make the best use of transportation, logistics and energy transfer.
“Membership in SCO alone will not ensure development, but creates the conditions for us to expand our relations through bilateral and multilateral treaties,” the official said.
He stressed that given the current situation in the country, joining the organization is a golden opportunity for the Iranian economy, noting that the country's economy needs more than ever to develop non-oil exports in order to be able to compensate for the decrease in oil revenues and on the other hand, to increase the gross domestic product.
The Shanghai Cooperation Organization, or Shanghai Pact, is a Eurasian political, economic, and security alliance. It is the world's largest regional organization in geographic scope and population, covering three-fifths of the Eurasia, 40 percent of the world population, and more than 20 percent of global GDP.
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