RIYADH -- Iran has called on Saudi Arabia, a key Persian Gulf Cooperation Council member, to facilitate its entry into the council's customs treaty.

Visiting Iranian Commerce Minister Mohammad Shariatmadari told IRNA here on Saturday that in the absence of membership in the treaty, Iran has been unable to attain a balance in trade with regional countries which mostly favors members to the treaty.

"Iran exported one billion dollars worth of goods to the UAE last year, part of which was re-exported to Saudi Arabia by the emirates," complained Shariatmadari, adding that Iran's accession to the treaty will strengthen its marketing potentials in the region, including in Saudi Arabia.

Saudi Arabia on Saturday voiced agreement to finance $100 million worth of insurance to Iranian goods destined to its markets and $50 million more cash for exchange of information in related field.

Tehran and Riyadh are determined to end years-long trade slump, triggered by chilly ties in the 1980s. Volume of transactions between the two sides hit a record high of about $300 million in 2001 from $100 million in 1998.

Iran and Saudi Arabia have undertaken 18 joint venture projects, costing more than $260 million.

Shariatmadari arrived in Riyadh on Friday night with an agenda to boosting mutual ties and cooperation in the fields of banking, customs, medicine, culture, science, sports, shipping, aviation, labor, transportation, environment, tourism, telecommunications, agriculture and housing.

Iranian tradesmen currently visiting Saudi Arabia along with an Iranian delegation to attend the fifth session of the Iran-Saudi Arabia Joint Economic Commission were briefed in a meeting on Saturday on the issues to be discussed during the upcoming conference.

At the meeting, Iranian Deputy Commerce Minister Mojtaba Khosrotaj briefed the attendants on the negotiations conducted at the previous four meetings of the joint commission and those to be discussed in the present one.

Referring to the foreign investment facilities made in Saudi Arabia and the taxation and customs requirements, he said that holding exclusive fairs in various Saudi cities are among the basic measures to be taken by Iran.

Pointing to the need for development of a shipping line between the two states via Bushehr and Dammam ports, he added that road transportation has also been discussed by the officials of the two countries and hoped that it will soon be finalized.

Pointing to the preliminary agreements reached on the technical, data processing, scientific, agricultural, communications and aviation sectors in the past two days, he hoped that the fifth meeting of Iran-Saudi Arabia Joint Commission will succeed in providing proper grounds for the exchange of visits between the Iranian and Saudi tradesmen.

At the meeting, Iran's Ambassador to Riyadh, Ali-Asghar Khaji explained the political relations between the two states and underlined that there is currently no outstanding problem between the two countries.

He added that the joint political and security commissions of the two countries are quite active and ever since the contract on security cooperation was signed, most problems have been solved.

Khaji hoped that once the fifth meeting is held, the tradesmen council of Iran and Saudi Arabia will become operational, IRNA said.

Referring to the general agreement between the public opinion and the officials of both states on the development of ties, he said that mutual relations can be oriented toward strengthening economic cooperation.