Addressing the 51st edition of the Asian Clearing Union (ACU ) summit in Tehran on Wednesday, Iran’s First Vice President Mohammad Mokhber praised the intention of the ACU member states to create a new chapter of economic relations and financial and commercial interactions.

A country with a size of 1.64 million square kilometers and a population of about 85 million who are mostly young and educated people, Iran has a high capacity to attract domestic and foreign investments and take advantage of the demographic opportunities in increasing production and economic growth, Mokhber said.

Iran enjoys having strategic geography as it shares water and land borders with 15 countries and is located at the hub of the international transportation and transit corridors, Mokhber also said, noting there are appropriate infrastructures in telecommunication and air, road, and rail transportation sectors in the country.

These components can play an effective role in facilitating trade between Asian and European countries as well as the Asian Clearing Union.

Elsewhere in his remarks, VP Mokhber examined the role of the dollar in the world economy and said, “De-dollarization is not a voluntary choice by countries anymore, it is the countries’ inevitable response to the “weaponization project of the dollar.”

In the past decades, the “Weaponization of the dollar” has forced countries to find a way to get rid of the impact of possible sanctions in the future, Mokhber further asserted.

Referring to the increasing number of countries that are looking to reduce their dependency on the US dollar, the vice president said that the weakening of the dollar can be a serious threat to the United States’ influence at the international level.

Iran’s First Vice President went on to conclude that the Islamic Republic of Iran is ready to develop its banking and trade relations with other countries, especially ACU member states.

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“The main topics of this meeting are the strengthening of barter, and bilateral and multilateral monetary agreements,” Mohammadreza Farzin said on Sunday.

He explained that the 51st meeting of the ACU will be held in Tehran on May 23-25.

“The governors of the central banks of nine member states of this union have been invited. Of course, we have also invited some observer members,” he added.

Farzin reiterated that the main goal of the meeting is to strengthen barter transactions among member states, enable them to trade using their national and local currencies, and to follow up on bilateral and multilateral monetary agreements.

Iran has announced its decision to move away from the U.S. dollar and has acted on the decision in cooperation with other independent countries.

Earlier this month, Iranian President Ebrahim Raisi ordered the CBI to lay the ground for conducting foreign trade transactions using Iran’s national currency rial.

Addressing an open session of the parliament on May 9, Farzin asserted that the forthcoming ACU meeting will accelerate the global trend of de-dollarization.

Asian Clearing Union (ACU) summit will be held on May 23-25 in Iran’s Central Bank to focus on de-dollarization, according to Deputy Governor of the Central Bank of Iran (CBI) for international affairs Mohsen Karimi.

Karimi in his Monday remarks said that there is a great fortune for De-dollarization in the Asian Clearing Union (ACU) summit, the secretariat of the Union is in the Central Bank of Iran, and since last year at the 50th meeting of this union, it was approved that the Islamic Republic of Iran will host the 51st meeting of this union.

Deputy Governor of the Central Bank of Iran (CBI) added that the new countries have also applied for membership in this Union, as saying that, members will decide regarding the acceptance of these countries’ membership at the new Summit in Tehran.

Nine main members of the Asian Exchange Union will attend the summit, and Russia, Belarus, Afghanistan and Islamic Development Bank officials will attend 51th Asian Clearing Union (ACU) summit.

Asian Clearing Union (ACU) is a payment arrangement whereby the participants settle payments for intra-regional transactions among the participating central banks on a net multilateral basis.

The main objectives of the clearing union are to facilitate payments among member countries for eligible transactions, thereby economizing on the use of foreign exchange reserves and transfer costs, as well as promoting trade and banking relations among the participating countries.

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