TEHRAN- Abdolamir Rabihavi, the director general for West Asia at Iran’s Trade Promotion Organization (TPO), referred to the details of trade documents and agreements recently signed between Iran and Oman, and mentioned preferential trade agreement (PTA) as one of the most important documents in this due.

Referring to the achievements of President Pezeshkian's visit to Oman, he said: "Oman is one of the countries that are politically and economically aligned with Iran, and it seems that this trip was carried out in line with the development of economic cooperation; 18 documents were signed by both sides during this visit, four of which belonged to the Ministry of Industry, mining and Trade; the documents that were under the purview of this ministry include cooperation in the field of geology and mineral exploration, development of exhibition cooperation and industrial parks, and finally a preferential trade agreement.”

Iran and Oman signed 18 memoranda of understanding in various fields during the official two-day visit of Iranian President Masoud Pezeshkian to Muscat.

The agreements, signed on the sidelines of the Iran-Oman Joint Economic Committee meeting on May 27, aim to deepen ties in multiple sectors, including legal, economic, political, cultural, educational, health, defense, media, technology, energy, and mining.

In a symbolic gesture highlighting cultural and historical bonds, officials from both nations also unveiled a commemorative joint postage stamp.

President Pezeshkian arrived in Muscat on May 27 at the official invitation of Oman’s Sultan Haitham bin Tariq.   

Following a formal welcoming ceremony at Muscat International Airport, Pezeshkian held a meeting with Oman’s Sultan. The visit continued with a joint session between high-ranking delegations from both countries.

During the meeting, Pezeshkian said that Iran is ready to boost cooperation with Oman in all fields, adding that the two countries possess capabilities that can be employed for the well-being and progress of the two nations as well as that of other regional nations.

“We are ready to do whatever is within our capability for the dignity and greatness of Muslims. Each of us has capacities that can be employed for the well-being and progress of one another and of other nations in the region,” Pezeshkian said.

Sultan Haitham also welcomed closer ties, saying that he agrees that if the avenues for business activities are opened, the two countries “will witness a significant leap in the bilateral relations.”

“The relations between Iranian and Omani ports must be developed, and the rail capacity from northern to southern Iran is of great commercial importance to us,” he said, adding that more support is needed for cooperation in the energy sector.

During an Iran-Oman Business Forum in Muscat on May 28, President Pezeshkian said that the value of trade between Iran and Oman can reach $20 billion-$30 billion.

Emphasizing the position of Iran and Oman in connecting regional markets, the president said: "We can jointly establish strategic ties with important markets in the region and the world by using our geopolitical capacity."

Referring to his talks with Sultan Haitham bin Tariq the previous day and the agreements reached in these talks, the president stated: "What is most important today is to create infrastructure to strengthen the connection of land, sea and air routes between the two countries, because only in such a context can commercial, scientific, industrial and economic cooperation be deepened."

Iran and Oman discussed ways to boost banking ties during a meeting between the Governor of the Central Bank of Iran (CBI) and Oman's Minister of Commerce, Industry, and Investment Promotion.

According to Oman’s state news agency, Qais bin Mohammed al-Yousef held talks on May 27 with Mohammadreza Farzin in Muscat. The meeting took place as part of Iranian President Masoud Pezeshkian’s official visit to Oman aimed at strengthening bilateral economic and financial relations.

The two sides reviewed measures to enhance cooperation in trade and investment, ease financial transactions, and streamline trade procedures between the two countries. Discussions also focused on initiatives to support joint economic projects, stimulate bilateral trade, and facilitate private sector exchanges.

Both parties reaffirmed their commitment to continued coordination and cooperation in areas of mutual interest, with a shared goal of strengthening bilateral relations and promoting sustainable economic growth.

The official visit to Oman marks a significant step in the Iranian government's ongoing efforts to strengthen regional ties and deepen bilateral relations with Muscat.

Meanwhile, Head of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) Samad Hassanzadeh, who traveled to Muscat at the head of a trade delegation, attended a conference to review trade opportunities between Iran and Oman and presented seven proposals to deepen Iran-Oman relations in the economic field. He believes that moving towards defining joint investment projects is a suitable solution in this direction.

Addressing the conference, Hasanzadeh said that the presence of entrepreneurs from Iran and Oman in this valuable conference indicates the serious interest of the private sectors of the two countries in comprehensively deepening relations and promoting bilateral economic cooperation.

Hassanzadeh stated that expanding economic relations with neighboring countries is Iran's strategic priority, adding: "Iran's private sector is very keen to cooperate with Omani companies. Given the wide variety of cooperation capacities between the two countries, it is necessary to focus on the future of relations so that, by optimally utilizing new opportunities, a suitable roadmap for joint relations and cooperation that includes the interests of both parties can be defined and drawn."

He considered the cultural and historical commonalities, good neighborliness, and excellent political relations in the region as important capacities for deepening economic relations, adding: "In recent years, the value of trade between the two countries has exceeded $2 billion, and there is a clear prospect of increasing this figure to a much higher level."

MA