Iran’s Minister of Economy and Finance has announced that Tehran is actively consulting with Islamic nations to forge new trade opportunities and neutralize the impact of unilateral US sanctions in a major economic summit in Turkey.

Speaking ahead of the 42nd session of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC) in Istanbul, Seyyed Ali Madanizadeh highlighted the severe economic shocks currently destabilizing the region.

He noted that soaring energy prices, rampant inflation, and economic stagnation are now plaguing many Islamic countries, underscoring the urgent need for collective economic action.

Madanizadeh said that he was to hold extensive bilateral meetings with economy and trade ministers from participating countries.

These strategic talks aim to identify new commercial corridors, expand bilateral trade, and develop alternative financial mechanisms to directly counter Washington's economic terrorism and protect member states from external coercion.

"We are striving to identify new routes and opportunities to develop our economic and trade relations. This will allow us to foil the plans designed against Iran's economy and successfully navigate the current situation," the minister stated.

Reaffirming Iran's unwavering economic resilience, Madanizadeh dismissed Western predictions of Iran's economic collapse under the weight of sanctions.

"Enemies have made several attempts to bring the country's economy to its knees, but by the grace of God, this has not happened," he declared.

Iran’s geographic advantage breaks into strategic prominence under US blockade

The US blockade has accelerated Iran’s use of its geographic advantage, driving expansion of alternative trade routes, northern ports, railway networks and regional partnerships to strengthen economic resilience and connectivity.

Iran has been targeted by a campaign of economic terrorism and unilateral coercive measures by successive US administrations, including the Barack Obama administration in the early 2010s and Donald Trump in the late 2010s.

Since Washington's illegal withdrawal from the nuclear deal in 2018, the US has imposed sweeping sanctions on Iran's banking, energy, shipping, and trade sectors, aiming to cripple the national economy and force political concessions.

The campaign has been revitalized following the failure of the US-Israeli war of aggression against Iran earlier this year, with US Treasury Secretary Scott Bessent spearheading a new wave of financial blockades and illegal maritime sieges.

However, Tehran has consistently maintained that such "maximum pressure" campaigns have not only failed to achieve their stated objectives but have also strengthened Iran's resolve to achieve self-sufficiency and diversify its economic partnerships away from Western-dominated financial systems.