Iran, UAE target reaching $30b annual trade in 2 years: TPO official

October 8, 2022 - 9:58

TEHRAN- Targeting $30 billion trade between Iran and the United Arab Emirates (UAE) for the next two years is on the agenda of the trade organizations of the two countries, according to an official with Iran’s Trade Promotion Organization (TPO).

Farzad Piltan, the director-general of TPO’s Office of West Asian Countries, said the UAE is considered as one of the important countries in Iran's foreign trade.

Pointing out that the balance of trade volume between the two countries has always been in favor of the UAE, Pilten added: “According to the plans, balancing, maintaining and improving the level of trade relations between the two countries is on the agenda of trade organizations.”

“Considering the position and capacities and facilities that the UAE has for the development of bilateral and multilateral cooperation at the regional and international level, by removing trade barriers and increasing export standards and insurances, we can reach $30 billion trade with the UAE”, the TPO official added.

In a report, released in mid-September, the Research Center of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) 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.

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.

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.


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