BAKU, Azerbaijan, March 3. Iran is actively working to strengthen trade and investment ties with SCO member states by reducing trade barriers, facilitating transactions, and promoting economic integration, a source at the Shanghai Cooperation Organization (SCO) told Trend.
"Iran's trade with SCO member states reached $41 billion in 2023, marking a 10.26% increase compared to the previous year. China remained Iran’s largest trading partner within the bloc, accounting for approximately $30.32 billion of the total trade volume, followed by India and Russia," the source said.
According to the SCO, in the first ten months of 2024, Iran’s trade with other SCO members continued to grow, reaching $37.1 billion - a 5.5% increase over the same period in the previous year. "Iranian exports to SCO countries also saw significant growth, with around 54.5 million tons of goods worth $18 billion exported in 2023, reflecting a 41% rise in cargo volume".
The SCO rep also highlighted Iran’s efforts to establish new international transport corridors aimed at improving connectivity and trade routes. "These corridors are expected to streamline logistics, lower transportation costs, and enhance trade efficiency for all parties involved," the source added.
