Tehran, Montevideo Can Boost Trade Through Bartering
Tehran, Montevideo Can Boost Trade Through Bartering
Iran and Uruguay believe they can boost bilateral trade through bartering oil for basic goods.

TEHRAN (Iran News) – Iran and Uruguay believe they can boost bilateral trade through bartering oil for basic goods.

In a webinar held on Saturday by Iran Chamber of Commerce, Industry, Mine and Agriculture (ICCIMA), Iranian and Uruguayan business activists explored ways for expansion of trade between the two states.

Head of International Affairs of ICCIMA Mr. Mohammadreza Karbasi in the webinar said there is possibility for provision of oil and petrochemical products required by Uruguay through bartering them for basic goods like rice and meat.

He said Iran’s trade with Uruguay during the 8-year Iraqi war was in high level through bartering oil for rice, adding that in a condition that Iran’s trade volume with some countries of the Latin American region is over $2b of direct trade, the trade volume of Iran with Uruguay has been very low and insignificant in recent years.

Karbasi emphasized that exchange of economic data and information between the two states, exchange of trade delegation and participation in the exhibitions. He then referred to the joint cooperation and investment considering experiences of the two states in creating industrial, agro, technological sets for exports to the third party countries.

He added that both countries can sign basic agreements (preferential trade, free trade) for paving the path of trade of the two states. Karbasi then pointed to the signing of the MoU between the two states in the field of livestock health and also plant quarantine that they can be a ground for the growth of bilateral relations of the two states.

In the meeting both sides called for holding B2B meetings between member companies and trade and economic enterprises of the chambers of commerce of Iran and Uruguay virtually due to the COVID-19 pandemic.

Karbasi also said Expo 2020 Dubai has provided a good ground in the post-COVID for Uruguayan companies to get in touch with their Iranian counterparts. He then pointed to the capacities of Mercosur (South American trade bloc) for exports of Iranian products to that region.

Then director of institute for economic and foreign trade studies of Chamber of Commerce and Services of Uruguay Ms. Ana Laura Fernandez, for her part, said that the chamber is ready to negotiate with the member states and explore grounds for cooperation, and identify the potential capacities for cooperation.

She added that the chamber has had coordination with Iran’s embassy in Uruguay for helping Uruguayan companies in identifying Iran’s market and it will be ready for holding B2B sessions in months of February and March 2022.

Fernandez reiterated that Uruguay Chamber has now representative in the EXPO 2020 Dubai but Uruguayan President to visit the expo on February 21 which has been named after Uruguay by the organizers. She added that 21 companies custodian of Uruguayan foreign trade are in charge of designing the Uruguayan pavilion in the exhibition.