Iran’s MPs approves bill to set up a ministry focused solely on trade

Iran’s Parliament (Majlis) has approved a bill to set up a Trade Ministry — divorcing it from the current Industry, Mines and Trade Ministry — on Sunday, Iran’s state-owned Islamic Republic News Agency (IRNA) reports. The bill seeks to set up a separate ministry for trade to streamline trade operations, including imports and exports, according to Tasnim News Agency.

Why the change?Lack of coordination from the current ministry has caused irregular spending on imports, Tasnim cites a lawmaker in favor of the bill as saying. “The fact that we pay USD 6.9 billion for imports from Turkey is the result of the absence of the commerce ministry,” said one MP, referencing Iran’s imports from Turkey in the calendar year to late March.

The makeup of votes: Out of 238 lawmakers, 129 votes were cast in favor of the bill, while 101 voted against, and four votes abstained, according to IRNA.

Will the separation of ministries actually make a difference? Some MPs shared concerns that a separate trade ministry will only lead to an increase in the country’s imports, and not necessarily bolster the country’s exports, Tasnim writes.