During the meeting, both sides called for enhancing the trade level between both states and reiterated that bartering trade can be one way or boosting bilateral trade.

IRAN NEWS ECONOMIC DESK

Addressing the forum, Chumba termed Iran a beautiful country with an amazing history, adding that he has come to Tehran with a certain mission to expand bilateral trade after the JCPOA. He pointed to the meetings of high-ranking officials of Iran and Czech Republic after the nuclear deal, adding that  at that stage, Czech Trade Office was inaugurated in Tehran and the office started good and effective ties with Czech Embassy. He also pointed to some bilateral agreements which were signed between both stares as well as exchanges of delegation which show how important it is for Czech Republic to boost ties with Iran.

He went on to say that there is good will among politicians and business activists for expanding ties, admitting that there is major problem in banking and financial transactions and both sides should find ways for trade and bartering goods in order to increase trade exchanges.

Chumba reiterated that both sides should work to link their companies  which is important in expansion of trade ties.

He added that both countries have good capacities for cooperation, adding that although the volume of bilateral trade declined after the reimposition of sanctions but small Czech companies have not left Iran and they continue their cooperation with their Iranian counterparts.

Deputy Head of Tehran Chamber Mr. Atabak, for his part, pointed to the history of relations between both countries especially signing Treaty of Amity which was signed in 1929.

He added that Iranians have positive approach towards Czech Republic and it cam help both countries to develop their relations.

He noted that the current trade volume between both countries is not satisfactory regarding their  $220b GDP.

He also pointed to four agreements between Czech companies with Iran’s IDRO group, adding that the trade volume of both countries currently stands at $93m and Czech Republic exports to Iran are around $75m.

Atabak also added that both countries can cooperate in tourism, noting that the chamber has prepared a list of goods which could be bartered between both states.

Meanwhile advisor to the international affairs of the chamber Mr. Mohammad Reza Bakhtiari raised questions about Czech Republic’s approach to the INSTEX and Czech Ambassador in response said that INSTEX is only a tool which has been promised to be launched by EU for saving the JCPOA and it has not been fully operationalized yet, noting that INSTEX is not for saving trade relations, adding that bartering goods is one way for saving trade.