Page 26 - IRANRptSep20

value of Iran’s gross official reserves was estimated to reach $108.4bn in 2018.​ The country’s gross official reserves will experience a $13.3bn jump in the current year rising from last year’s $95.1bn.
Iran’s economy is set to fall deeper into recession this fiscal year and foreign reserves were set to drop to $73bn by March, a loss of almost $40bn in two years, the Institute of International Finance (IIF) stated in January.
5.2​ FTA, multilateral agreements
Russia’s Volgograd region bolsters business ties with Iran’s Mazandaran Province
Iran set to open commercial office in China as officials continue to work on potential ‘mega’ deal with Beijing
Russia’s Committee for Economic Policy and Development of the Volgograd Region has held a meeting with representatives from Iran’s northern Mazandaran Province to boost trade ties, TRV reported on August 17.
The meeting was held by video conference with the top officials of both countries' respective regions in attendance. It is the latest in a string of high-level meetings after Iran entered into a temporary preferential trade agreement (PTA) with the Russian-led Eurasian Economic Union (EEU).
“The Volgograd region and the Mazandaran province managed to establish friendly and business ties,” said Galina Bykadorova, chairperson of the Committee for Economic Policy and Development of the Volgograd Region, adding: “Today our task is trying to preserve bilateral trade and economic relations, bring them to a new level, expand interaction in the spheres of education, tourism and culture.”
The two sides agreed that mutual business contacts between Mazandarani and Volgograd entrepreneurs should be maintained, and all assistance should be provided to them in implementing joint projects.
The chairs said that as part of the outcome of the meetings, further direct business-to-business meetings will be remotely held by video conference. Iran’s Mazandaran is one of the biggest foreign trade partners of the Russian region, purchasing large amounts of grain.
Volgograd agrarian exporters have exported more than 2mn tonnes of grain to Iran in the past year, according to Russia.
As part of the growth in trade, Iran intends to double imports of barley from the Volgograd region in the next 12 months, with one export cargo heading across the Caspian Sea. That consignment of barley is due to arrive in 5-6 days, the Russians added.
The Iranian Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) has announced it is to open a commercial office in Beijing, IRNA has reported. ​Iran is hammering out a 25-year agreement with China under which both countries will further integrate their economies. As part of the deal—still in draft form but in some quarters talked of as having a potential value of $400bn—Iran would guarantee China discounted oil and petrochemical exports while China would offer a credit line and and perhaps vast investments in banking, telecommunications, ports, railways and dozens of other projects. The agreement would also potentially include joint military training, military exercises, counter-terrorism cooperation, intelligence sharing and arms transfers to Iran. The prospect of the deal has met with resistance
26​ IRAN Country Report September 2020 www.intellinews.com