TEHRAN - Iran proposed establishment of a bank of commerce by the private sector of the Caspian Sea littoral states. The proposal was made during the 8th Meeting of the International Council for Cooperation among Chambers of Commerce and Industries of the Caspian Sea region countries.

Based on the proposal, the capital required for the bank would be supplied by Russia, Iran, the Republic of Azerbaijan and Turkmenistan, a report quoted on here Friday, an Iranian official with Iran’s Trade Development Organization. If it were possible that a trade agreement was signed between the Caspian Sea littoral states, all the tariff and non-tariff related problems would be resolved, noted Hussein Soltani who had attended the meeting. He added, “in that case, we would witness the increasing progress of the nations.”

Given the fact the five countries do not approve of each other’s customs regulations, with the signing of the customs standardization agreements a good opportunity would be created for trade development between them, he also explained.