September 24, 2023

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Iran exports non-oil goods worth $320m to UAE in a month

TEHRAN- Iran exported non-oil commodities valued at $320 million to the United Arab Emirates (UAE) in the first month of the current Iranian calendar year (March 21-April 20), the spokesman of Trade Development Committee of the Iranian House of Industry, Mining, and Trade announced.

Ruhollah Latifi said that the monthly export indicates a 52-percent drop year on year.

The UAE was Iran’s third export destination in the said month, while it was Iran’s first source of import in the first month, through exporting non-oil goods valued at $1.009 billion, with 30 percent growth year on year, he added.

Iran and the United Arab Emirates have agreed to sign new memorandums of understanding (MOUs) on the avoidance of double taxation and facilitation of mutual investment.

The decision was made during a meeting between Iranian Minister of Finance and Economic Affairs Ehsan Khandouzi and UAE Minister of State for Financial Affairs Mohamed bin Hadi Al Hussaini on the sidelines of the annual meeting of the Islamic Development Bank (IsDB) Board of Executive Directors in Jeddah on May 12.

During the meeting, the officials emphasized increasing cooperation in the fields of trade and foreign investment; in this regard, it was decided that appropriate measures should be implemented soon in order to sign agreements on facilitating foreign investment and avoidance of double taxation between the countries.

Pointing to the positive impact of the resumption of relations between the Islamic Republic of Iran and Saudi Arabia in the region, Al-Husseini said that the volume of trade between the two countries has increased about 40 times.

“This volume of trade in various fields indicates a natural and positive growth of relations and interactions between Iran and the UAE, and the role of the governments of the two sides is to encourage trade and facilitate it through agreements to avoid double taxation, and it is necessary to revise the existing agreements between the two countries,” he said.

Khandouzi for his part referred to the previous unfinished negotiations related to the drafting of a foreign investment agreement between the two sides, saying: “The Islamic Republic of Iran is ready to cooperate in joint profitable projects, as well as cooperation for investing in other countries.”

At the end of this meeting, Khandouzi invited his Emirati counterpart to travel to Tehran as soon as possible.

Meanwhile, the head of the Federation of Chambers of Commerce and Industry of the United Arab Emirates has said his country is seeking to become Iran’s top trading partner in the region.

Abdullah Mohamed Al Mazrouei, who visited Iran at the head of a business delegation, made the remarks in a meeting with Head of Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) Gholam-Hossein Shafeie in Tehran on May 9.

During the meeting, the two sides exchanged views on the common fields of cooperation, economic relations, and how to expand commercial relations between the private sectors of Iran and the UAE.

Stating that the UAE is one of the most important neighboring countries of Iran with a deep historical relationship, Shafeie said: “The UAE is Iran’s second trading partner in the world after China, and the volume of our annual exchanges has reached about 24 billion dollars. Despite all the restrictions of the past and the heavy shadow of political issues on economic relations, the UAE has always maintained its good position in relation to Iran and the mentioned issues have not been able to have a deep impact on our business relations.”


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