UAE’s new foreign trade strategies to enhance Iran’s role in region: report

September 10, 2022 - 15:45

TEHRAN – The Research Center of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) in a report has stated that the United Arab Emirates' new strategies for inking free trade agreements with India and Turkey is going to further enhance the Islamic Republic’s mediatory role in the region.

As one of Iran’s top trade partners in the region, UAE has always been a hot market for Iranian businessmen and traders and the expansion of this country’s economic relations with Iran’s neighbors could positively impact Iranian trade with them as well, the ICCIMA portal reported.

Based on the mentioned report, the UAE has recently focused on forming free trade agreements with a range of countries including India, Britain, Turkey, South Korea, Ethiopia, Indonesia, and Kenya.

Also, this country is a member of a large set of trade-related international organizations and treaties the most important of which are the World Trade Organization, the Persian Gulf Cooperation Council, the GCC-EFTA Free Trade Agreement, and the Pan-Arab Free Trade Area.

Among the above-mentioned countries, India and Turkey are of significance for Iran, because as for Turkey, the trade agreement with the UAE has the potential to become an important economic, political, and transit advantage for Iran.

Considering the existing tensions between Saudi Arabia and Turkey on one hand and with Qatar on the other hand, with the formation of a free trade agreement between the UAE and Turkey, Iran can play an important mediatory role in connecting all these countries together.

As for India, although the agreement could undermine the position of Chabahar port as a regional trade hub for the country, but considering the geopolitical situation of the mentioned port, it will still remain a center of regional trade for India with regard to Russia and Central Asia.


Leave a Comment