TEHRAN - Iran and Thailand are looking to strengthen bilateral trade through the establishment of a joint chamber of commerce and the creation of mutual financial mechanisms, officials from both countries said during a recent meeting in Tehran.

Speaking at a meeting with Thai Ambassador Pichit Boonsud, Head of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) Samad Hassanzadeh, stressed the need for a joint financial framework to facilitate transactions between the two countries.

“The low volume of trade between Iran and Thailand necessitates the establishment of financial mechanisms tailored for bilateral exchanges,” Hassanzadeh said. “A joint chamber of commerce could play a pivotal role in enhancing closer cooperation.”

He noted that Iran and Thailand possess significant potential for economic cooperation, including through barter arrangements and joint investments. Hassanzadeh added that both the private sectors and the governments of the two countries should coordinate efforts to expand trade ties.

“We are ready to sign a memorandum of understanding to establish the Iran-Thailand Joint Chamber of Commerce, and I hope this will be finalized soon,” he said, calling for regular exchange of trade delegations and stronger institutional linkages between private sector actors.

Highlighting Thailand’s strategic position as a gateway to the ASEAN market, Hassanzadeh said the Southeast Asian nation could also serve as a platform for re-exporting Iranian goods. He also pointed to comparative advantages in agriculture—particularly rice production—as well as Iran’s competitiveness in energy-intensive and mineral-based manufacturing, as opportunities for two-way cooperation.

He said Iran’s strengths in engineering services, road and refinery construction, petrochemical and polymer production, medical equipment, pharmaceuticals, handicrafts—especially carpets—and tourism, offer strong grounds for joint ventures.

Hassanzadeh invited the Thai ambassador to visit the upcoming Iran Expo, and expressed readiness to send and host business delegations to foster trade.

Ambassador Boonsud acknowledged the relatively low trade volume but said it had grown in 2024 compared to the previous year, offering an encouraging sign for future cooperation.

“Collaboration between the Iran Chamber of Commerce and the Thai Embassy, as well as between the two national chambers, is essential for expanding trade relations,” Boonsud said.

He noted that ASEAN represents a 600-million-person market, and Iran, as a major country in West Asia, could serve as Thailand’s gateway to Central Asia and the broader region. He also mentioned Thailand’s role as a BRICS economic partner, stating that Iran’s BRICS membership offers a promising platform for deeper collaboration.

“One of the major challenges remains the lack of reliable banking channels,” Boonsud added. “While barter is an option, finding broader solutions would significantly support economic ties.”

He said the draft memorandum of understanding between the two chambers is ready and should be signed soon. He also announced a three-day trade fair to showcase Thai export capabilities, scheduled for August 27 at Tehran’s Milad Tower, with 30 Thai companies from sectors such as healthcare, food industries, and jewelry expected to participate.

EF/MA