Iran eyes $1 billion annual trade with Saudi Arabia

TEHRAN, Apr. 16 (MNA) – Iran's Economy Minister Ehsan Khandouzi said Tehran aims to raise annual trade with Riyadh to $1 billion in the first step of resuming economic ties.

Speaking at a press conference in Tehran, Khandouzi added that the target was set by the Trade Promotion Organization of Iran (TPO) and is based on the two countries' capacities, IRIB News reported.

The minister said over the past few days, TPO has been preparing a roadmap for developing economic relations with Saudi Arabia, stressing that it will be finalized soon.

Khandouzi said given that Iran and Saudi Arabia are both seriously determined to resume bilateral interaction and cooperation, the launch of the joint chamber of commerce is on the agenda, Finacial Tribune reported.

He stressed that the two countries have held a total of seven meetings of the joint economic commission and exchanged 20 trade and cooperation documents.

The Iranian minister said the two countries have had no bilateral trade in some years, but last Iranian year, amid the two countries' efforts to ease tensions, the value of Iranian exports to the kingdom reached $15 million.

Khandouzi also noted that he will take a trip to Saudi Arabia in the coming weeks.

China, Saudi Arabia and Iran announced on March 10 that the latter two had reached a deal that includes the agreement to resume diplomatic relations and reopen embassies and missions within two months.

In a meeting in Beijing last week, Iranian Foreign Minister Hossein Amir-Abdollahian and his Saudi counterpart Prince Faisal bin Farhan Al Saud signed a joint statement, announcing the resumption of diplomatic relations with immediate effect.


News Code 199538


Your Comment

You are replying to: .
  • captcha