Iran is located in Western Asia, bordering the Caspian Sea, the Gulf of Oman and Persian Gulf. The country is in transition to a market economy. In recent years, the country’s economy has declined as oil exports fell significantly following international sanctions imposed in the context of nuclear development. Iran has the third largest proven gas reserves and oil reserves in the world. Naturally, oil and natural gas are Iran’s most important exports along with other exports including chemicals, plastics and fruits. Iran mainly exports to Taiwan, China, Turkey, South Korea and India. Iran’s main imports are machinery, cereals, iron and steel, and chemicals. Main import partners are the United Arab Emirates, China, South Korea, Turkey and Germany. Iran is a founding member of the Economic Cooperation Organisation (ECO) and Organization of the Petroleum Exporting Countries (OPEC).