May 24, 2022

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Iran-Oman annual trade hits record high of $1.3b, growing 53%

Iran-Oman annual trade hits record high of $1.3b, growing 53% – Tehran Times

TEHRAN- The value of trade between Iran and Oman hit a record high in the past Iranian calendar year 1400 (ended on March 20), from its previous year, the head of Iran-Oman Joint Economic Committee announced.

Mohsen Zarrabi put the annual trade between the two countries at $1.336 billion in the past year, showing 53 percent growth year on year.

The official also said that Iran’s export to Oman rose 63 percent to stand at $716 million in 1400, from $438 million in 1399.

Iran shares borders with fifteen countries, namely the United Arab Emirates (UAE), Iraq, Turkey, Afghanistan, Pakistan, Russia, Oman, Azerbaijan, Turkmenistan, Kuwait, Qatar, Kazakhstan, Armenia, Bahrain, and Saudi Arabia.

Expansion of trade with these neighbors, especially increasing non-oil exports to them, is one of the major plans that the Iranian government is now pursuing.

Among the mentioned countries, Oman is one that the Islamic Republic has attached priority in this due, as the two neighbors enjoy an old history of good political and economic relations as well as many religious and cultural commonalities.

As stated several times by the officials of the two countries, the ground is completely prepared for the expansion of trade relations between Iran and Oman.

Emphasizing that the basic infrastructure is prepared for the development of trade relations between Iran and Oman, the head of Iran-Oman Joint Chamber of Commerce, had previously said that with the beginning of sanctions and the severance of some countries’ relations with Iran, the government of Oman not only did not cut its trade relations with Iran, but also they are trying to increase economic relations with the Islamic Republic in the framework of international relations and with a win-win approach.

Oman not only did not close its borders during the pandemic, when most countries closed their borders to Iranian goods, but also increased shipping lines to Iran, Zarrabi further noted.

He also mentioned Oman as a base for re-exporting Iranian goods noting that the sultanate has free trade agreement with 16 Arab-African countries, the United States, Singapore and four European countries, and noted that Iran should take advantage of this golden opportunity.

Agricultural products, construction materials, building stones, minerals, metals, bitumen, and cement are the major products Iran exports to Oman.

Given the favorable conditions for increasing the diversity of Iranian exports and the existing infrastructure for re-export in Oman, there is a capacity to increase the value of trade between the two sides to $5 billion.

Iran has currently an increasing trend in re-exporting its goods from Oman. In fact, Oman is the only Arab country in the Persian Gulf that accepts Iranian companies through which Iran can reach the markets of other countries.

In January 2020, Iran’s Trade Promotion Organization (TPO) held the first meeting of its Commodity-Country Desk on trade with Oman presided by Farzad Piltan, the director-general of TPO’s Office of Arabian and African Countries.

In mid-February, Iranian Ambassador to Oman Ali Najafi had announced that the value of trade between the two countries increased by 40 percent in the 10-months period from March 21, 2021 to January 20, 2022, compared to the same period in the previous year.

Najafi put the value of trade between the two countries at over one billion dollars in the mentioned 10 months, saying that Iranian exports to Oman increased by over 70 percent in the said period.

According to the official, the trade between the two neighbors is following an upward trend and is expected to increase even further in the months to come.

Mentioning the holding of the 19th Iran-Oman Joint Economic Committee meeting in early February, the official said, during his visit to Oman for attending the joint economic committee meeting, Iranian Industry, Mining and Trade Minister Reza Fatemi-Amin met with the private sector and political and economic officials of the Kingdom, including the minister of Health, the minister of Economy, Foreign Affairs, Energy, and Minerals and the minister of Transport, Communications and Information Technology of Oman and the heads of Oman’s free and special economic zones to discuss the latest state of economic and trade relations between the two countries.

Najafi stressed the importance of increasing trade relations between the two countries and said: “We hope to see the utilization of the existing capacities in Iran-Oman relations by pursuing a preferential tariff agreement and organizing and strengthening maritime transport between the two countries.”

Referring to the serious determination of the Iranian Embassy in Oman to advise and support private sectors of the two countries, he stressed: “The doors of the Iranian embassy are always open to all Iranian and Omani businessmen and investors, and in this regard, and in line with our economic diplomacy, more than half of the daily meetings of the ambassador and other relevant colleagues are held with Iranian and Omani businessmen.”

MA/MA



Original News : https://www.tehrantimes.com/news/471819/Iran-Oman-annual-trade-hits-record-high-of-1-3b-growing-53

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