Trade volume between Iran and UAE may increase this year

During a meeting of the Joint Commission for Economic Cooperation between Iran and the UAE held in Abu Dhabi, Mehrdad Bazarpash, Minister of Roads and Urban Development of Iran, expressed his opinion on the current level of bilateral trade between the countries.

He noted that the current trade volume between Iran and the UAE reaches US$27 billion, which is a significant amount, and emphasised that the UAE is Iran's second most important trading partner after China.

The minister expressed confidence that through the efforts of the Joint Commission and the determination of both countries, this trade volume could increase to US$30 billion next year. This is reported by Mehr News Agency, a partner of TV BRICS.

The head of the commission emphasised that 22 documents have already been prepared and will be signed between the countries after preliminary meetings. Various aspects such as tourism, improvement of trade transport, contribution of each country to the North-South route, development of port infrastructure and increase in the number of flights were discussed at the meeting.

In addition, the development of port activities and investments by Emirati firms in Iran's ports were key points in the meeting.

Issues related to the simplification of banking procedures, which are considered important for business activities, were also discussed. Iranian businessmen from the UAE expressed their desire to improve financial transactions and have received encouraging signals in this field.