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Iran’s economic performance is on the rise, with the Islamic Republic of Iran Customs Administration (IRICA) reporting $53 billion in non-oil exports between March 2024 and February 2025. This marks a record for the country, with total trade in non-oil goods exceeding $117 billion. Rouhollah Latifi, spokesman for the Trade Promotion Commission, projects non-oil exports could reach $58 billion by March 2025. Amid ongoing sanctions, Iran’s focus on diversifying its economy through agriculture and manufacturing aims to reduce reliance on oil revenues. Government support for exporters is expected to further enhance competitiveness and economic resilience in global markets.
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Former President Trump’s proposal to impose a 25-percent tariff on Canadian imports could ignite a major trade conflict between Canada and the U.S. Canadian Foreign Minister Mélanie Joly warned that this would lead to the largest trade war in decades, emphasizing Canada’s preparedness to respond with countermeasures. Joly recently discussed trade and security issues with U.S. leaders, highlighting the interconnected nature of their economies. If implemented, the tariffs could trigger retaliatory actions from Canada, affecting prices for consumers and straining diplomatic relations. Both nations must engage in dialogue to prevent escalation and uphold their longstanding trade relationship.
Ayatollah Seyyed Ali Khamenei met with economic activists, entrepreneurs, and producers to discuss the Iranian economy’s resilience amid sanctions. He praised the private sector’s progress and emphasized the role of media in promoting national achievements. Khamenei acknowledged the economic challenge of dollar dependence and highlighted the potential benefits of the BRICS financial system for diversifying currency use. The meeting underscored the need for collaboration among various sectors to navigate economic challenges and explore alternative strategies. Khamenei’s insights aim to foster unity and innovation, paving the way for a more self-sufficient and robust Iranian economy.
Recent talks between Russian Prime Minister Mikhail Mishustin and Iranian First Vice President Mohammad Reza Aref focused on the Rasht-Astara railway project, highlighting the importance of land acquisition and technical surveys already underway. The discussions also covered the free trade agreement between Iran and the Eurasian Economic Union, effective since May, which eliminates tariffs on over 90% of traded goods. Both officials expressed optimism for increased trade and economic cooperation as the agreement takes shape. The railway project symbolizes a strategic partnership, with ongoing negotiations and collaboration expected to enhance connectivity and regional development between Russia and Iran.