Non-oil trade between Iran, UAE amounts to USD16.2 billion in 7 months
Date
11/4/2024 7:27:44 AM
(MENAFN) The value of non-oil trade between Iran and the United Arab Emirates (UAE) reached an impressive USD16.2 billion during the first seven months of the current Iranian calendar year, which spans from March 20 to October 21. This information was revealed by Mohammad Rezvanifar, the head of the Islamic Republic of Iran Customs Administration (IRICA). He highlighted that the UAE has emerged as Iran's leading trade partner among its neighboring countries during this period, signifying a robust economic relationship between the two nations.
The strengthening of business ties is further illustrated by the statement made by the UAE Ambassador in Tehran, who noted that over 122,000 Iranian businesspersons are currently engaged in various activities within the UAE. Saif Mohammed al-Zaabi emphasized the significant increase in Iran-UAE business interactions in recent years. He pointed out that the challenges faced by Iranian and Emirati entrepreneurs are predominantly legal rather than political, suggesting a need for improved regulatory frameworks to facilitate smoother economic operations. Additionally, he mentioned that cooperation between the two countries in maritime and air transport has also witnessed a notable increase.
In a meeting between al-Zaabi and Bahman Abdollahi, the Head of the Iran Chamber of Cooperatives, Abdollahi elaborated on the vital role of cooperatives in Iran’s economy. He highlighted that cooperatives contribute significantly to production in the country, reflecting their importance in the national economic landscape. This collaboration between the private sectors of both nations may lead to enhanced trade dynamics and mutual benefits.
Further solidifying their commitment to economic cooperation, Iran and the UAE signed a memorandum of understanding (MOU) aimed at expanding their economic ties across various sectors. This agreement was finalized during the third Joint Economic Committee meeting held on May 1, and it was signed by the former Iranian Transport and Urban Development Minister, Mehrdad Bazrpash, alongside UAE's Economy Minister, Abdullah bin Touq Al Marri. The MOU reflects both countries' dedication to fostering collaboration and improving bilateral trade relations moving forward.
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