Tehran Times - The first official meeting of the Iran-Singapore joint commerce committee was held in Tehran on Wednesday, the portal of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) reported.

The meeting was attended by senior officials from Iran’s Foreign Ministry and ICCIMA as well as Trade Promotion Organization (TPO) including Mohammad Reza Karbasi, ICCIMA deputy head for international affairs, and Ali-Akbar Nazari, the Foreign Ministry’s representative in Iran-Singapore joint commerce committee.

In the meeting, Karbasi expressed hope for the establishment of Iran-Singapore joint chamber of commerce, noting that the formation of the Iran-Singapore joint committee is an effective step toward better communication between the two countries' businessmen as well as the two sides chambers of commerce.

Further in the event, Nazari mentioned Iran and Singapore’s great potentials for economic cooperation, saying “Singapore has a very special significance for Iranian businessmen and undoubtedly the formation of this committee is an important step towards exploiting the two sides’ capacities.”

According to a report presented by the representative of TPO in the meeting, the value of Iran’s imports from Singapore stood at $762 million in the first 10 months of the current Iranian calendar year (March 21, 2018 – January 20, 2019), while the country’s exports to Singapore were only $40 million.