US America Iran Iranian Chamber of Commerce

Iran lies at the very heart of the Greater Middle East. Given this strategic position, coupled with its economic capital, Iran provides a compelling environment for business and development.

Natural Resources

Iran is home to the world’s fourth largest oil and second largest gas reserves. Other major natural resources found in Iran are:

COPPER
Iran had the world's ninth largest copper reserves in 2011
BAUXITE
In 2009 Iran produced 230,000 tons of bauxite
COAL
Iran has total estimated coal reserves of more than 50 billion short tonnes
IRON ORE
Iran's iron ore production ranks ninth in the world at 35 million tonnes per year
LEAD
Iran has just below 5% of the world’s metal constituent reserves
ZINC
Iran has the world's largest deposit of zinc
CHROMIUM
Iran produces more than 4% of world's total production of chromium

Geographic Location

United States American Iran Iranian Chamber of CommerceA bridge between the East and West, Iran played a key role in connecting cultures and civilizations along the Silk Road. With its prime location between the Caucasus and Indian Ocean, Iran has served as a major conduit for the export of oil and gas for decades. In the 21st century, Iran stands poised to continue its economic engagement within the region and broader global economy.

 


Demographics

  • Iran is the second largest economy in the Middle East, with a GDP of $393B in 2015.
  • EU trade with Iran is approximately $5.2B – which is expected to quadruple in the next two years.
  • Iran ranks in the top five in the percentage of STEM graduates (science, technology, engineering and math).

65% Under 35
85% Mobile Users

 

Iran-Deal Iranian Nuclear Deal America JCPOA Chamber of Commerce

During the better half of the 20th century, the United States and Iran had strong political and economic ties. Since 1979, however, relations between the two nations have been strained, with both countries severing almost all economic ties. Now, after more than 36 years, there are new opportunities on the US-Iran trade horizon. With the signing of the Joint Comprehensive Plan of Action (JCPOA) on July 14, 2015, and its implementation on January 16, 2016, economic relationships are no longer an academic debate, but now a viable reality.

Economic Potential

  • Goldman Sachs investment bank identified Iran as one of the next 11 countries that has a high potential of becoming among the world’s largest economies in the 21st century.
  • Iran is the 27th largest economy in the world and the 2nd largest in the Middle East.
  • Less than 1% of the Tehran Stock Exchange is owned by foreign entities. Therefore, Iran offers one of the last, large, and untapped emerging markets in the world.

Billions Lost

  • With decades of crippling sanctions in place against Iran and political distrust on both sides couched within a diplomatic void, the United States has lost countless business opportunities and billions in potential revenue vis-à-vis Iran.
  • From 1995 to 2014, the U.S. sacrificed between $203 and $272 billion in unharnessed potential export revenue to Iran.
  • The lost export revenue translates into approximately 51,043 to 66,436 lost job opportunities in the United States.

 

Estimated Trade Loss - Exports to Iran

Figure from Losing More Billions – The Cost of Iran Sanctions to the U.S. Economy by the National Iranian American Council

 

Iran America Nuclear deal Chamber of Commerce

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Understanding Evolving US-Iran Trade Relations

The US-Iran Chamber of Commerce (USIRCC) is an independent, nonpartisan nonprofit organization that is neither affiliated with, nor receives any benefit from, any government. This independence allows the USIRCC to reach a broad network of stakeholders and policymakers. The USIRCC informs and advises various entities, including business leaders and compliance officers, to ensure they are working within legal and regulatory boundaries, and remaining up-to-date on the latest US-Iran trade developments. In furtherance of this mission, the USIRCC provides a forum in which to receive thoughtful, well-developed advisory services.

As the only chamber of commerce devoted to US-Iran trade relations, the USIRCC utilizes its strategic position and expertise to provide guidance to entities regarding the changing US-Iran trade landscape. The USIRCC also engages in the following activities related to its overall mission:

  1. Providing publications (weekly newsletters, monthly analytical series and reports) that analyze current international and domestic economic and legal developments across both nations.
  2. Maintaining close cooperation with senior officials, trade associations, policy leaders and industry advocates in order to provide the most up-to-date information regarding US-Iran economic relations.
  3. Assessing feasibility and risk, methodologies and resources available for conducting thorough and sound due diligence undertakings.
  4. Developing platforms for the exchange of ideas and best practices, such as networking events, conferences, trade and industry exhibitions, and lectures regarding US-Iran economic relations.

1. When was the US-Iran Chamber of Commerce established?
The US-Iran Chamber of Commerce (the Chamber) is an independent, nonpartisan entity established in 2014, incorporated in Washington, D.C., and registered as a 501(c)(6) tax-exempt nonprofit organization under the Internal Revenue Code. As an independent organization, the Chamber is neither affiliated with, nor does it receive any benefit from, any government.

2. What does it mean to be a 501(c)(6) organization?
Under the Internal Revenue Code, section 501(c)(6) applies to business leagues, chambers of commerce, boards of trade, and other similar organizations. A 501(c)(6) organization must consist of members sharing a common business interest. The members may be individuals or companies, even if these companies operate on a for-profit basis. USIRCC has applied with the IRS to become a tax-exempt, non-profit organization under section 501(c)(6) of the Internal Revenue Code.

3. What services does the US-Iran Chamber of Commerce provide?
The Chamber provides a range of services covering all industries. With a team of experts experienced in all major sectors, the Chamber is able to offer a tailored package for each of its members dependent on their needs. The list of services that is currently offered, consistent with applicable laws and regulations, can be found here. On this page, for each service category, you are able to submit a services request form, from which the Chamber can better assess your needs and take the appropriate steps to ensure legal and regulatory compliance.

4. How do I become a member of the US-Iran Chamber of Commerce?
It is easy for businesses, associations, and other entities to join the Chamber and receive the services and benefits of membership, consistent with legal and regulatory rules. Simply fill out the online application on our Membership page. For additional guidance, you may also contact us at info@usircc.org.

5. What services and benefits do I receive as a member of the US-Iran Chamber of Commerce?
A description of the membership benefits, discounts, and services is included in the Chamber’s membership package. Please contact us at info@usircc.org to be connected with a member service representative. Benefits and services vary among the tiers of membership, as well as member type (i.e., law firm, business, association), consistent with applicable laws and regulations.

6. Can you share whether a certain company is a member of the US-Iran Chamber of Commerce?
The US-Iran Chamber of Commerce does not confirm the membership status of any entity unless express written consent has been given. Membership in the Chamber is open to any entity, subject to applicable laws and regulations, and does not imply the Chamber’s endorsement of any entity. Questions regarding membership should be directed to the entity directly.

7. How can I work with the US-Iran Chamber of Commerce to market my product/service?
If you are interested in working with the US-Iran Chamber of Commerce to market your product or service, you may contact us at info@usircc.org.

8. How can I advertise my product/service to Chamber members?
The Chamber provides entities the opportunity to offer our members special discounts, sponsor the Chamber’s print publications and web-based media, and have a presence at Chamber events. For more information, please contact us at info@usircc.org.

9. Can the US-Iran Chamber of Commerce tell me whether a certain company is legitimate?
Aside from the Chamber’s business vetting assistance services, note that the Chamber is not a federal government agency, has no relation to the U.S. or Iranian governments, and therefore, has no authority to conduct investigations on specific companies. In the U.S., the Better Business Bureau is one source for gathering information about a company, as well as state and local consumer protection agencies. With respect to foreign and/or Iranian entities, the Chamber provides its members with advisory services, which include business vetting assistance, within the scope of applicable laws and regulations.

10. Is my contribution to the US-Iran Chamber of Commerce tax-deductible?
Contributions to section 501(c)(6) organizations are deductible as trade or business expenses if ordi­nary and necessary in the conduct of the taxpayer’s business. The donee organization may be required to make certain disclosures and pay a proxy in connection with the dues payment. However, they are not deductible as charitable contributions on the donor’s federal income tax return. For additional guidance, please consult with legal counsel or obtain further information through the IRS.

11. How have sanctions against Iran changed?
Following implementation of the Joint Comprehensive Plan Of Action (JCPOA) on January 16, 2016, U.S. persons may import Iranian-origin carpets and certain food items into the U.S. without first obtaining a specific license from the Office of Foreign Assets Control (OFAC), in compliance with applicable laws. In addition, foreign entities that are U.S.-owned or -controlled entities may engage in certain dealings with Iran by requesting and obtaining a license through OFAC. Other aspects of the JCPOA altered sanctions with respect to specific commodities and industries. U.S. persons considering engaging in trade-related activities with Iran should consult legal counsel. For additional guidance on the business and legal implications of the JCPOA, please contact us at info@usircc.org.

12. Are there career opportunities at the Chamber?
Specific openings, as they become available, will be advertised accordingly. There are internship and fellowship opportunities available on a rolling basis. Interested applicants should submit their resume, cover letter and writing sample to info@usircc.org.