Iran looks to adopt WTO rules for Qeshm

Iran looks to adopt WTO rules for Qeshm

Iran is considering implementing World Trade Organization (WTO) regulations in its Qeshm Free Trade Zone, according to recent market news. The Qeshm Free Trade Zone Organization and the Commerce Ministry reportedly agreed on developing feasibility plans aimed at implementation of WTO laws and regulations in the zone. Iran, whose application to enter the WTO was refused, hopes to become a partial member of the WTO by making the free trade zone a separate customs territory. Qeshm, the largest island in the Persian Gulf, lies off the southern coast of Iran and north of the Straight of Hormuz. The Island is 220 km from UAE and is in the vicinity of many oil rich countries. It is also near international waters and is accessible to commercial shipping. Iran has many steel and automobile plants in close proximity to the island.