Iran, Russia to agree on local currency use in mutual trade
by ChemOrbis Editorial Team - content@chemorbis.com
According to media reports, Iran and Russia have initially come to an agreement to use local currencies in mutual trade transactions in an attempt to replace the US dollar.
The absence of branches of the local banks in the two countries and broker relations between the two parties were the main issues to be resolved. As part of the agreement that has initially been made, Russia will reportedly abolish the tariffs on exports of goods from Iran.
The reports also revealed that the new trade agreement involves increasing the trade volume between the two countries from $1.5 billion to $10 billion.
The central banks of the two countries will reportedly hold a meeting soon about the official date the agreement will be validated.
The absence of branches of the local banks in the two countries and broker relations between the two parties were the main issues to be resolved. As part of the agreement that has initially been made, Russia will reportedly abolish the tariffs on exports of goods from Iran.
The reports also revealed that the new trade agreement involves increasing the trade volume between the two countries from $1.5 billion to $10 billion.
The central banks of the two countries will reportedly hold a meeting soon about the official date the agreement will be validated.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- China’s PP, PE and PVC markets continue to offer poor netbacks despite better sentiment
- LDPE run-up enters its third month in China as tightness persists
- African PP, PE markets extend gains into Sept on tightness
- European PS follows SM lower in Sept, ABS flat on tightness
- Turkey PP, PE markets propelled higher by shipping bottlenecks in Sept
- Are record-high PVC prices the new normal amid enduring pandemic?
- European PVC up for 16th month in Sept, prices touch new highs
- Egypt’s PP, PE markets rise on tightness in September
- Logistics snarls propel import PP, PE offers higher in Europe
- Import PVC prices near all-time highs in India, disparity with China/SEA grows
