Central Bank Governor Mustafa Ghaleb Mokhif, along with Second Vice President of the National Oil Company Laith Shaher, General Manager of the Iraqi Trade Bank TBI Salem Chalabi, and Baroness Emma Nicholson, President of Iraq Britain Business Council IBBC, are scheduled to participate in the event to discuss investment and trade opportunities, especially in Basra Governorate, as well as environmental, agricultural, food distribution and processing issues.

The participating delegation, together with Emirati and British officials and businessmen, will discuss the main offers from the International Monetary Fund.
There will also be sessions on the topics of finance, oil and gas and energy transfer, as well as industry, trade, promotion of the private sector and technology.

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The Spokesman for the Egyptian Presidency Basem Rady stated in a statement the Bulgarian President stressed the importance of continued coordination and consultation between the two countries in various fields, Rady added.

Radev underscored the need to develop and strengthen Bulgaria’s relations with Egypt, praising Egypt’s pivotal role in laying the foundations for stability and security in the Middle East under the leadership of President El-Sisi, Rady said.

President Radev also commended Egypt’s successful efforts to deter illegal immigration through its territories to the European Union countries.

President El-Sisi lauded the strong relations between Egypt and Bulgaria and confirmed Egypt’s keenness to promote bilateral cooperation on all levels between the two friendly countries. He also mentioned the terms of trade increase and economic cooperation development that have been achieved to keep pace with the distinguished political relations between the two countries, Rady said.

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Russia’s Central Bank proposed Thursday to ban cryptocurrency investment and mining as governments around the world crackdown on the decentralized currencies, citing threats to monetary stability.

The Central Bank said, “speculative demand” is driving the rapid growth of decentralized cryptocurrencies and risks creating a bubble in the market.

“Cryptocurrencies also have signs of a financial pyramid as the increase in their prices is largely driven by demand demonstrated by new market participants,” it said.

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The event, jointly organized by the Trade Training Center of the Ministry of Industries, Mining and Trade, Persian Gulf Studies Center and the Trade Promotion Organization of Iran, will focus on surveying trade and investment opportunities in the Eurasian Economic Union.

Iran and EEU signed a three-year provisional agreement in Astana, Kazakhstan, on May 17, 2018, for the bloc to welcome Iran into EEU. The arrangement, which lowers or abolishes customs duties, is the first step toward implementing free trade between Iran and five members of the union.

The two sides have listed 862 types of commodities in their three-year provisional trade agreement. As per the deal, Iran will enjoy easier export terms and lower customs duties on 502 items and the same goes for 360 items from EEU member states.

Based on latest figures released by the Islamic Republic of Iran Customs Administration, Iran and EEU have traded of 6.86 million tons of commodities worth $2.41 billion worth of goods since Oct. 27, 2019, when a preferential trade agreement between the two sides came into effect up until June 20, 2020.

“Though the region has been struggling with the Covid-19 pandemic for more than half of this period, trade has not faltered. Iran and EEU accounted for 28% and 72% of total trade respectively over the period,” IRICA Spokesman Rouhollah Latifi was quoted as saying by Mehr News Agency.

“Iran’s total exports to the bloc stood at 1.65 million tons valued at $681 million. Imports from the five EEU member states hit 5.2 million tons worth $1.73 billion, $1.17 billion of which (67.3%) were carried out under the trade agreement,” he said.

“Iran exported $367 million worth of goods to Russia during the period, making it our main export destination among the five EEU member states. The export volume accounted for 54% of Iran’s total exports to EEU during the period. Russia was followed by Armenia with $164 million (24%) and Kazakhstan with $104 million (15%), Kyrgyzstan with $38 million (5.6%) and Belarus with $9 million (1.3%).”

Russia was also the Eurasian Economic Union’s biggest exporter to Iran with $1.34 billion to account for 80% of Iran’s total imports from the bloc. It was followed by Kazakhstan with $287.19 million (16.5%), Belarus with $33.73 million (1.9%), Armenia with $10 million (0.5%) and Kyrgyzstan with $5.6 million (0.32%).

According to Latifi, Iran’s main exported commodities over the period included apples, fresh and dried pistachios, liquefied gas, kiwis, cucumbers and pickles, raisins, cabbage, cauliflower and broccoli.

Imports, he added, mainly constituted essential goods and animal feed raw material, such as barley, products made of wheat, field corn, sunflower oil, meat and paper.

Also known as necessity goods, essential goods are products consumers will buy, regardless of changes in income levels.

The Eurasian Economic Union member states include Russia, Kazakhstan, Armenia, Belarus and Kyrgyzstan.

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