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Irans exports to D8 countries increase by 24

· 2 min read

Iran’s exports to D-8 countries increase by 24%​

TEHRAN - The value of Iranian exports to the Developing-8 (D-8), a group of eight developing Islamic nations, increased by over 24 percent in the first eight months of the current Iranian calendar year (March 20-November 20) compared to the same period last year, according to the Islamic Republic of Iran Customs Administration (IRICA).

Iran’s exports to D-8 countries increase by 24%

During this period, Iran exported approximately 13.6 million tons of goods worth $6.317 billion to seven of the D-8 member countries. In terms of weight, exports grew by around 26 percent, IRIB reported.

Turkey was the primary destination for Iranian exports, importing around 9.4 million tons of goods valued at over $4.4 billion. Pakistan and Indonesia followed as the second and third-largest importers, respectively.

The D-8 group, established in 1997 by former Turkish Prime Minister Necmettin Erbakan, consists of Iran, Turkey, Pakistan, Bangladesh, Indonesia, Malaysia, Egypt, and Nigeria. The organization’s primary goals include fostering economic and trade cooperation, facilitating scientific collaboration, and promoting technology exchange among its members.

Sheikh Attar, a former Deputy Minister of Foreign Affairs, noted that the trade capacity of the D-8 has now surpassed $68 billion.

In recent developments, Iranian President Masoud Pezeshkian attended the 11th D-8 Summit held in Cairo, Egypt, marking the first visit by an Iranian president to Egypt in over a decade.

During the summit, President Pezeshkian proposed the establishment of a D-8 development fund aimed at facilitating joint investments among member states.

Additionally, Iran's Finance Minister Abdolnasser Hemmati met with the D-8 Secretary-General to discuss strategies for enhancing trade relations within the bloc, reiterating the target of achieving $500 billion in trade volume by 2030.

These initiatives underscore Iran's commitment to strengthening economic ties within the D-8 framework, aiming to leverage collective potential for mutual growth and development.

EF/MA

source: tehrantimes.com