Iran's Foreign Trade Up Despite Sanctions : Official

Ankara, Nov 20, IRNA – The volume of ran's foreign trade has increased despite the sanctions imposed on the county, said head of Iran's Chamber of Commerce and Industries. Stating that the countries imposing sanctions on Iran will sustain losses, Mohammad Nahavandian added that under the current situation, the countries not involved in anti-Iran sanctions will benefit because of the country's high rate of foreign trade, Turkish daily 'Donya' quoted him as saying. Referring to the increase in Iran's foreign trade with Turkey from $5bn to $23bn over the past five years, he noted they have the capacity to boos the figure at they seek to raise trade to $30 billion within the next two years. The scheme to build Istanbul-Tehran-Islamabad railway track is being devised, he said, noting that a new silk road will be established in the region, once the railway will become operational. As to Iran-Turkey cooperation in the field of energy, he added that the region will turn into a new hub of energy by promoting mutual cooperation. Nahvandian was in Ankara to take part in the 12th General Assembly of ECO Chamber of Commerce and Industries and 17th session of its board of directors. ECO is an intergovernmental organization involving seven Asian and three Eurasian nations, part of the South-central Asian Union. It provides a platform to discuss ways to improve development and promote trade, and investment opportunities. The ECO is an ad hoc organization under the United Nations Charter. The common objective is to establish a single market for goods and services, much like the European Union. ECO's secretariat and cultural department are located in Tehran, its economic bureau is in Turkey and its scientific bureau is situated in Pakistan. The organization was founded by Turkey, Iran and Pakistan./end