Iran's non-oil trade with Oman amounts to USD938.004M in 5 months
Date
9/18/2024 8:34:23 AM
(MENAFN) Iran's non-oil trade with Oman amounted to USD938.004 million in the first five months of the current Iranian calendar year (March 20 - August 21), according to the Islamic Republic of Iran Customs Administration (IRICA). The trade volume during this period weighed in at 2.962 million tons. While there was a slight 1 percent decrease in the trade value compared to the previous year, the trade weight saw a significant increase of 37 percent year-on-year, highlighting the dynamic nature of the trade relationship between the two nations.
Oman ranked as the sixth top trade partner of Iran among its neighboring countries during this timeframe. In early July, Mehdi Zeighami, the former Head of Iran's Trade Promotion Organization (TPO), met with a key Omani official responsible for trade, industry, and investment development to explore avenues for joint investment, industrial collaboration, and financial affairs. During this meeting, discussions were held on establishing a Preferential Trade Agreement (PTA) between the two countries, which aims to strengthen economic relations, boost trade volume, and reduce trade obstacles.
Zeighami noted that trade and economic relations between Iran and Oman have been consistently improving in recent years. The trade volume between the two countries in the last Iranian calendar year (ending March 19, 2024) was described as "unprecedented." The initiation of the PTA aligns with several objectives, including bolstering economic relations, fostering greater competition among businesses, and diversifying the range of goods traded between the two countries. The agreement is expected to create a safer environment for trade growth and enhance cooperation across various sectors.
Further cementing their economic ties, a business delegation from Oman recently visited Iran’s Imam Khomeini Port in southwestern Khuzestan province. The delegation expressed interest in leveraging the commercial capacities of the port to expand economic ties with Iran. During their visit to Khuzestan, they explored trade opportunities at the Khorramshahr and Arvand Free Trade Zone. This visit resulted in several cooperation agreements, with a focus on increasing collaboration between the private sectors of both countries. The delegation also visited the Special Economic Zone of Imam Khomeini Port, Iran's largest grain trading center, where discussions centered around supply, transit, and the possibility of re-exporting goods, as well as significant private sector investments.
MENAFN18092024000045015839ID1108687783
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.