{"id":11536,"date":"2024-08-07T09:55:03","date_gmt":"2024-08-07T09:55:03","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=11536"},"modified":"2024-08-07T09:55:03","modified_gmt":"2024-08-07T09:55:03","slug":"iran-uae-4-month-trade-exceeds-8b","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/11536\/","title":{"rendered":"Iran-UAE 4-month trade exceeds $8b"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0The value of non-oil trade between Iran and the United Arab Emirates stood at $8.064 billion during the first four months of the current Iranian calendar year, the head of the Islamic Republic of Iran Customs Administration announced.<\/p>\n

Iran and the United Arab Emirates signed a memorandum of understanding (MOU) for expanding economic cooperation in a variety of areas at the end of the two countries\u2019 3rd Joint Economic Committee meeting in May 1.<\/p>\n

The MOU was signed by Iranian Transport and Urban Development Minister Mehrdad Bazrpash and UAE\u2019s Economy Minister Abdullah bin Touq Al Marri, who co-chaired the joint meeting.<\/p>\n

During the mentioned committee meeting, the two sides stressed the need for further expansion of economic cooperation between Tehran and Abu Dhabi.<\/p>\n

Speaking at the end of the meeting, Bazrpash said: \u201cWe have held the joint commission between the two countries after 10 years, which is an opportunity to develop the commercial and economic relations between the two countries.\u201d<\/p>\n

\u201cThe UAE, as Iran’s second biggest trade partner, has great strategic importance for us,\u201d the minister said.<\/p>\n

Referring to the location of Iran and the UAE in the International North-South Transit Corridor (INSTC), Bazarpash said: \u201cAccess to the markets of the north and south can create an opportunity for the two countries to cooperate.\u201d<\/p>\n

In the end, the minister emphasized solving the banking and monetary problems between the two countries to facilitate bilateral trade relations.<\/p>\n

Abdullah bin Touq Al Marri for his part underlined the importance of the meeting, saying: \u201cHolding today’s meeting shows the development and expansion of economic relations between the two countries. After China, the UAE has the largest amount of trade relations with Iran. The trade value of the two countries has reached 27 billion dollars and many Iranian companies are established in the UAE.\u201d<\/p>\n

\u201cCreating new opportunities for transportation and banking cooperation is one of the achievements of this commission,\u201d the official said.<\/p>\n

Referring to the performance of the UAE government in the field of investment, the official said: \u201cThe approval of the law on the formation of foreign companies and the government\u2019s support for companies that operate in the field of new energies has created a good opportunity for business with the UAE.\u201d<\/p>\n

The 3rd Iran-UAE Joint Economic Commission was held in Abu Dhabi from April 30 until May 1.<\/p>\n

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