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Trade between Iran, UAE surpasses USD8B in 4 months
(MENAFN) The non-oil trade value between Iran and the United Arab Emirates (UAE) reached USD8.064 billion during the first four months of the current Iranian calendar year (March 20-July 21), as announced by the head of the Islamic Republic of Iran Customs Administration (IRICA). This significant trade volume underscores the robust economic ties between the two nations.
In a move to further bolster their economic cooperation, Iran and the UAE signed a memorandum of understanding (MOU) at the conclusion of the 3rd Joint Economic Committee meeting on May 1. The MOU, aimed at expanding economic cooperation in various sectors, was signed by Iranian Transport and Urban Development Minister Mehrdad Bazrpash and UAE’s Economy Minister Abdullah bin Touq Al Marri, who co-chaired the joint meeting. Both sides emphasized the importance of strengthening economic collaboration between Tehran and Abu Dhabi.
Mehrdad Bazrpash highlighted the strategic importance of the UAE to Iran, noting that the UAE is Iran's second biggest trade partner. He expressed optimism about the renewed joint commission, which convened after a decade, seeing it as an opportunity to enhance commercial and economic relations between the two countries. Bazrpash also pointed out the potential for cooperation through the International North-South Transit Corridor (INSTC), which positions both countries advantageously for accessing northern and southern markets.
Moreover, Bazrpash stressed the importance of resolving banking and monetary issues to facilitate smoother bilateral trade relations. By addressing these challenges, Iran and the UAE aim to create a more conducive environment for expanding their economic partnership and maximizing the opportunities presented by their strategic locations within the INSTC.
In a move to further bolster their economic cooperation, Iran and the UAE signed a memorandum of understanding (MOU) at the conclusion of the 3rd Joint Economic Committee meeting on May 1. The MOU, aimed at expanding economic cooperation in various sectors, was signed by Iranian Transport and Urban Development Minister Mehrdad Bazrpash and UAE’s Economy Minister Abdullah bin Touq Al Marri, who co-chaired the joint meeting. Both sides emphasized the importance of strengthening economic collaboration between Tehran and Abu Dhabi.
Mehrdad Bazrpash highlighted the strategic importance of the UAE to Iran, noting that the UAE is Iran's second biggest trade partner. He expressed optimism about the renewed joint commission, which convened after a decade, seeing it as an opportunity to enhance commercial and economic relations between the two countries. Bazrpash also pointed out the potential for cooperation through the International North-South Transit Corridor (INSTC), which positions both countries advantageously for accessing northern and southern markets.
Moreover, Bazrpash stressed the importance of resolving banking and monetary issues to facilitate smoother bilateral trade relations. By addressing these challenges, Iran and the UAE aim to create a more conducive environment for expanding their economic partnership and maximizing the opportunities presented by their strategic locations within the INSTC.
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