Iran's VP Proposes New Economic Measures Amid Crisis

Iran's Vice President Mohammad Mokhber proposed new economic policies this week amid an ongoing national crisis.

Speaking at the 6th China International Import Expo on Sunday, Mokhber introduced six initiatives aimed at reshaping global trade patterns.

Mokhber's proposals include “the expansion of electronic trade, the establishment of international centers, and backing the development of the multilateral trade system for organizing international regulations.”

Meanwhile, at home, mounting inflation and currency devaluation continues to drive the population into worsened poverty.

As negotiations with the United States and Europe regarding Tehran's nuclear program remain unresolved and US sanctions persist, Iran is increasingly looking to Asian countries, particularly China, for trade relations. However, China has yet to significantly challenge US sanctions and has been strengthening ties with Persian Gulf Arab countries and Israel.

In March 2021, Iran entered into a controversial 25-year agreement with China, initially proposed by Iran's Supreme Leader Ali Khamenei during President Xi's visit to Tehran in 2016. Many Iranians have expressed dissatisfaction with the cooperation agreement with China, viewing it as a compromise of national interests.

Iran experiences an inflation rate of over 50 percent. The significant depreciation of the Iranian rial reflects the inflationary pressures in the country, causing increased costs for imports and, subsequently, higher prices for consumers.

While large-scale protests in 2022 primarily centered on social and political issues, the current economic crisis is fueling discontent among disillusioned youth. Labor unrest has also been on the rise in 2023 as real incomes of workers continue to erode.