News ID: 262577
Published: 0349 GMT December 06, 2019

Iran, Kyrgyzstan plan to increase trade ties

Iran, Kyrgyzstan plan to increase trade ties

Iran and Kyrgyzstan vowed that bilateral trade will exponentially increase in the near future mainly because of Iran’s decision to launch a free trade zone with the Eurasian Economic Union (EEU), a major trade bloc in which Kyrgyzstan is a member.

Iran’s Minister of Industry Reza Rahmani said that economic exchanges between Iran and Kyrgyzstan, a country of more than six million people in Central Asia, would soon increase to nearly $500 million, up from a meager $40 million that exists currently, Press TV reported.

Speaking to reporters after a meeting with Kyrgyzstan’s Minister of Economy Sanjar Mukanbetov in Tehran, Rahmani said that trade between the two countries will surge in the years to come.

He said the two countries have agreed on efforts that would facilitate the trade schemes, including the launch of direct flights and easing visa restrictions for economic delegations.

Rahmani said Iranian manufacturers have declared plans for investment in Kyrgyzstan as they seek to have more access to the markets in the Central Asia region.

The minister said Iran was also keen to increase meat imports from Kyrgyzstan to meet a rising domestic demand.

Mukanbetov, for his part, said that Kyrgyzstan was intent on removing trade barriers with Iran now that the EEU has lowered tariffs for the export of the Iranian products.

Mukanbetov said his country had already adopted measures such as allowing a barter mechanism for certain goods to avoid US sanctions that limit exchanges with Iran.

The minister also said that Kyrgyzstan was seeking to secure Iran’s assistance for various energy and transportation projects in the country.

Dejpassand said a main mechanism to finance those projects would be for the two countries to issue joint bonds.


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