TEHRAN - Iran exported non-oil commodities valued at $6.6 billion to the United Arab Emirates (UAE) during the 11-month duration from March 20, 2024 to February 18, 2025, the head of the Islamic Republic of Iran Customs Administration (IRICA) announced.Foroud Asgari stated that the UAE was Irans third top export destination in the mentioned 11-month period.Exporting commodities valued at $19.1 billion to Iran, the United Arab Emirates was Irans top source of non-oil import in the said time period, the official additional added.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 2 nations 3rd Joint Economic Committee meeting in May 1, 2024.
The MOU was signed by former Iranian Transport and Urban Development Minister Mehrdad Bazrpash and UAEs Economy Minister Abdullah bin Touq Al Marri, who co-chaired the joint meeting.During the discussed committee conference, the two sides worried the requirement for additional growth of financial cooperation between Tehran and Abu Dhabi.Speaking at the end of the meeting, Bazrpash said: We have actually held the joint committee between the 2 countries after 10 years, which is a chance to develop the industrial and financial relations in between the two countries.
The UAE, as Irans second greatest trade partner, has excellent strategic value for us , the minister said.Referring to the area of Iran and the UAE in the International North-South Transit Corridor (INSTC), Bazarpash stated: Access to the markets of the north and south can create a chance for the two nations to work together.
In the end, the minister emphasized fixing the banking and monetary problems in between the two countries to facilitate bilateral trade relations.Abdullah bin Touq Al Marri for his part underlined the significance of the conference, saying: Holding todays meeting reveals the advancement and expansion of economic relations between the 2 countries.
After China, the UAE has the biggest amount of trade relations with Iran.
The trade value of the 2 nations has actually reached 27 billion dollars and lots of Iranian business are developed in the UAE.
Creating brand-new chances for transportation and banking cooperation is among the accomplishments of this commission, the official said.Referring to the efficiency of the UAE federal government in the field of investment, the official stated: The approval of the law on the development of foreign companies and the governments support for business that run in the field of brand-new energies has developed a good chance for business with the UAE.
The 3rd Iran-UAE Joint Economic Committee conference was kept in Abu Dhabi from April 30 up until May 1, 2024.
Increasing non-oil exports to the nearby countries is among the significant strategies that the Iranian government has been pursuing in recent years.Iran shares land or water borders with 15 nations particularly UAE, Afghanistan, Armenia, Azerbaijan, Bahrain, Iraq, Kuwait, Kazakhstan, Oman, Pakistan, Qatar, Russia, Turkey, Turkmenistan, and Saudi Arabia.MA