Monday, September 06, 2004

Shariatmadari: Iran-Thailand Preferential tariff agreement to be signed soon

Description of Selected News: "

Iran-Thailand Preferential tariff agreement to be signed soon

Tehran Times Business Desk
TEHRAN (MNA)-- Expansion of cooperation on tourism and transportation, and signing preferential tariff agreement as well as free trade between Iran and Thailand were stressed during the 7th Session of Joint Economic and Trade Commission of the two countries, news reports said here on Monday.

In this session, Iran’s Minister of Commerce Shariatmadari pointed to the special economic condition of the country during the Iraqi imposed war (1980- 1988), and said: “Given the country’s special situation during the war, Iran’s economy was of a completely closed nature. However, the country underwent two phases of post-war reconstruction to pave the ground for free trade initiatives,” Iranian Students News Agency (ISNA) reported. The minister asserted, “Ratification of the Foreign Investment Promotion and Protection Act (FIPPA) in the country and guaranteeing the return of the original capital and pertinent profits by the government, permitting the establishment of private banks and insurances companies in the free trade zones, revision of taxation laws and cutting taxes levied on foreign investment from 65% to 25% are some indications of Iran’s move towards free trade.” Shariatmadari alluded to the single parity forex rate policy, and establishing the Forex Reserve Fund as two major achievements and noted that the excess oil income is saved in this account. According to him, the fund is absolutely used to offer loans at international rates to foreign investors. “The fund has so far paid loans worth 4.5 billion dollars to the private sector.”

During the session, Shariatmadari welcomed the beginning of Iran–Thailand cooperation in Kish Island."

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