Value of non-oil trade between Iran, UAE surpasses USD11B in 5 months
Date
9/15/2024 3:31:49 AM
(MENAFN) In the first five months of the current Iranian calendar year, spanning from March 20 to August 21, the value of non-oil trade between Iran and the United Arab Emirates (UAE) reached USD11.009 billion, according to a report by the Islamic Republic of Iran Customs Administration (IRICA). The report also noted that the weight of this non-oil trade totaled 10.533 million tons. This robust trade volume underscores the significant economic interaction between the two countries, reflecting their deepening commercial ties.
In early August, UAE Ambassador to Tehran, Saif Mohammed al-Zaabi, highlighted the growing presence of Iranian businesspersons in the UAE, stating that over 122,000 Iranians are currently engaged in business activities in the Emirates. Al-Zaabi pointed out that the increase in business interactions between Iran and the UAE is evident from these figures. He also mentioned that the challenges faced by Iranian and Emirati business operators are more related to legal issues rather than political ones. Furthermore, he noted an improvement in cooperation between the two nations in the fields of sea and air transport.
On the Iranian side, Bahman Abdollahi, Head of the Iran Chamber of Cooperatives, emphasized the role of cooperatives in Iran’s economy, noting their significant contribution to national production. Abdollahi presented the cooperative sector as a key player in Iran's economic landscape and expressed interest in leveraging this sector's capabilities to enhance bilateral economic relations with the UAE.
Earlier in the year, specifically in the first four months of the Iranian calendar year (March 20-July 21), the value of non-oil trade between Iran and the UAE was reported to be USD8.064 billion. This figure indicates a continuing trend of increasing trade activity between the two countries. Additionally, a memorandum of understanding (MOU) to expand economic cooperation across various sectors was signed at the end of the third Joint Economic Committee meeting between Iran and the UAE on May 1. The MOU, signed by former Iranian Transport and Urban Development Minister Mehrdad Bazrpash and UAE’s Economy Minister Abdullah bin Touq Al Marri, emphasized the need for further enhancement of economic cooperation, marking a significant step in strengthening commercial ties between Tehran and Abu Dhabi.
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