‘SCO membership provides Iran with great trade opportunities’

September 28, 2021 - 15:35

TEHRAN – Head of Iran-Russia Joint Chamber of Commerce has said Iran’s membership in the Shanghai Cooperation Organization (SCO) is going to be a great opportunity for Iran to expand trade with the members, IRNA reported.

According to Hadi Tizhoush Taban, the SCO member states account for 40 percent of the world's population and 28 percent of the world's Gross Domestic Product (GDP), and Iran should benefit from the opportunities that permanent membership in this organization will provide for facilitating trade.

"The three major members of the pact, including China, India, and Russia, are among the world's top economic powers today, and their position is expected to improve in the coming decades," he said.

Tizhoush Taban further noted that the permanent membership of Iran in the Shanghai Cooperation Organization can also provide the necessary basis and requirements for the implementation of the 25-year strategic agreement between Iran and China.

According to the official, increasing the level of trade, facilitating banking cooperation and a joint energy club are some of the benefits of the Shanghai Cooperation Organization.

“China has also proposed a long-term plan to establish a free trade zone and is looking for short-term strategies to increase trade among member states,” he added.

The head of the Iran-Russia Joint Chamber of Commerce mentioned an agreement to establish a Joint Banking Council among the members of the SCO as another important achievement of this organization, saying: “The purpose of establishing this joint banking council is to facilitate providing the necessary funding required for the implementation of the members’ joint projects.”

He stressed that given the current situation in the country, joining the Shanghai Cooperation 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 Islamic Republic of Iran was officially accepted into the SCO on September 17 during the twentieth anniversary of the establishment of the organization.


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