Iran, UAE preparing Ten-Year Outlook Document for bilateral trade

News code : ۱۱۹۶۴۰۳

Head of Iran-UAE Joint Chamber of Commerce Erfan Shakeri says Iran and the UAE are working to prepare a ten-year outlook document for their trade ties which is in the early stage.

Speaking to ILNA, Shakeri said that the UAE and Persian Gulf states are so keen to invest in Iran and Iran should prepare proper investment packages to increase the investment attraction.

Touching upon the visit of Iranian delegation to the UAE led by the Head of the Trade Promotion Organization and also the details of Industry Minister to the UAE, Shakeri said that good talks and meetings are underway in the UAE, adding that of course, these meetings have started since months ago where senior officials of the two countries were also present.

He went on to say that the chamber is after using the capacities of Iranian nationals living in the UAE for increasing the trade volume between the two countries.

"It has been decided some trade delegations to visit Iran, adding that of course in the past some trade delegations had been exchanged between the two countries and it is expected the number of trade exchanges to increase."

He stated the UAE and the Persian Gulf states are very interested in investment in Iran and Iran needs to prepare proper investment to increase the investment attraction and this interest is nothing new.

Shakeri reiterated the Emiratis are mostly interested in investing in the fields of modern technologies, artificial intelligence, knowledge-based industry, technical and engineering services, fisheries, agriculture and foodstuff.

He reiterated that the Iran-UAE Joint Chamber of Commerce is currently working on preparation of a 10-year outlook document for trade cooperation between Iran and the UAE, stating that the plan is in the early stage.

The Iranian official said currently talks between Iran’s industry minister and Emirati officials are in the preliminary stage but this exchange of officials of the two countries is a positive sign.

On the probable agreement on preferential trade between the two countries, Shakeri said that there are some talks underway on the preferential trade and the private sector seeks encouraging governments of the two countries in order that economic activists can continue their trade ties easily.

He said of course this is in the negotiation stage and it is not definite, reiterating that economic issues should not be overshadowed by the political issues and tensions.

He then pointed to the latest trade condition of Iran and the UAE, and said that the trade volume of Iran and the UAE stands at around $15b in nine months and Iran’s exports just have been $3.5b while imports from the UAE have been over $11.5b and the trade balance has been in favor of the UAE.

He reiterated that some part of the UAE exports has been the re-export of the goods like agro, foodstuff and raw materials.

Shakeri underscored that there are good capacities which can enhance the trade between the two countries to $50b and the chamber is seeking the necessary infrastructures for materializing the boost in trade.