Iran's Trade with Islamic Nations Skyrockets to Record High

TEHRAN (Tasnim) – Iran's non-oil trade with the member states of the Organization of the Islamic Cooperation (OIC) in the first half of the current Iranian calendar year (started March 21, 2024) has witnessed a significant surge, totaling $32.2 billion, representing a 14% growth compared to the same period last year.

Iran's Customs Administration, also known as IRICA, has released the latest trade data, revealing the substantial increase in the country's non-oil trade with the OIC member states. This upward trend has sparked optimism among Iranian trade officials and economists, who attribute the growth to improved diplomatic and economic ties between Iran and its Islamic counterparts.

The Organization of the Islamic Cooperation (OIC), comprising 57 Muslim-majority countries, has long been a vital trading partner for Iran. This coalition has been the epicenter of Islamic diplomatic efforts, aimed at fostering cooperation and strengthening ties among member states. For years, the OIC has provided a valuable platform for Iran to expand its trade, sharing borders with multiple OIC member states.

Iran has been committed to enhancing bilateral relations with OIC member states, aggressively pursuing various cooperation agreements, enhancing trade facilitation through improved infrastructures, expedited customs procedures, and favorable trade policies. These combined efforts facilitate the flow of non-oil goods, ranging from petrochemicals, natural gas, and heavy industries products to agricultural and raw material-based trade.

Trade analysts believe the considerable growth in Iran's non-oil trade with OIC member states indicates the strength and resilience of the Iranian economy. Commenting on the latest trade data, Mehdi Mirashrafi, the Head of Customs Affairs, IRICA, highlighted Iran's focus on upgrading infrastructure and strengthening commercial relationships, reflecting Tehran's quest for deeper regional partnership. This cooperation should promote mutual benefits by boosting overall trade, cooperation and productivity, supporting growth within member countries.

Further cementing the organization's crucial role in fostering diplomatic ties, the Islamic Solidarity Fund, an international financial institution established by the OIC, should significantly benefit Iran amidst favorable economic cooperation prospects. One recent priority involves bolstering Iranian banking sector prospects to reach cooperation agreements forged through trade deals, yielding future substantial shared trade and cross-investment opportunities.