Iran has agreed to revise and study the inclusion of the preferential tariff quota on annual basis for the Sri Lanka tea sector in the export division. The MoU was shared between two parties, as the Cabinet was granted on this agreement. This revision of quota partially by Iran to be used for the packaging of tea in the free trade zone in Iran by Sri Lankan companies or the joint ventures formed with Iranian and Sri Lankan companies.
The ninth Session of the Joint Commission for Economic Co-operation between Sri Lanka and Iran concluded in September 2010 in Colombo. Iran is Sri Lanka’s 6th largest trading partner, recording a total value of two-way trade of nearly US $992 million in 2009.
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