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Iran United Arab Emirates
03.05.24 16:16
Economics

Iran and UAE sign economic exchange agreements

The officials are eager to initiate fresh phase in the exchanges between the two nations

The United Arab Emirates (UAE) are reportedly Iran's second commercial partner. On Wednesday, the two nations engaged in prolonged negotiations in a joint commission on economic cooperation. This was reported by Mehr News Agency, a partner of TV BRICS.

The Iranian Minister of Roads and Urban Development Mehrdad Bazrpash took part in a long meeting with traders from Iran and the United Arab Emirates.

Two cooperation agreements were signed as a result of Bazrpash 's discussions with a delegation of Emirati CEOs and UAE Minister of Economy Abdulla Bin Touq Al Marri.

The joint commission on Iran-UAE economic cooperation has convened after a 10-year hiatus, an achievement of President Ebrahim Raisi's administration, which is keen to expand trade ties with neighbouring countries.

The Iranian minister also spoke to media, stating that future trade volume between the two nations is expected to surpass US$30 billion due to their combined efforts.

The administration of President Ebrahim Raisi has succeeded in reviving the joint committee on Iran-UAE economic cooperation after a ten-year break. The administration is eager to increase trade relations with surrounding nations.

Iran imported US$20.8 billion worth of goods from the UAE in the last fiscal year ending March 2024, making the latter Iran's largest source of imports according to the country's customs authority. During the same period, the UAE was Iran's third largest export destination, with US$6.6 billion worth of goods exported.

The ministers are expected to further discuss co-operation in international trade corridors, while representatives of the private sector will discuss trade and investment.

Photo: iStock


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