Iran Aims to Raise Trade with Saudi Arabia to $1 Billion: Minister
TEHRAN (Tasnim) – The Iranian minister of economic affairs and finance said Tehran eyes $1 billion in annual trade with Saudi Arabia after the thaw in relations between the two countries.
Ehsan Khandouzi made the remarks at a press conference on Tuesday and noted that Iran and Saudi Arabia enjoy high potentials to boost economic ties.
The target was set by the Trade Promotion Organization (TPO) of Iran and is based on the two countries’ capacities, Xinhua news agency reported.
The economy minister said that the TPO has been preparing a roadmap for developing economic relations with Saudi Arabia, and it will be finalized soon.
Given that Iran and Saudi Arabia are both seriously determined to resume bilateral interaction and cooperation, the launch of the joint chamber of commerce is on the agenda, Khandouzi underlined.
He noted that during the past years, the two countries have held a total of seven meetings of the joint economic commission and exchanged 20 trade and cooperation documents with each other.
The finance minister said the two countries had no bilateral trade for a couple of years, but in the last Iranian year, amid the two countries’ efforts to ease tensions, the value of Iranian exports to Saudi Arabia reached $15 million.
Khandouzi also noted that he will take a trip to Saudi Arabia in the coming weeks.
Saudi Arabia and Iran announced on March 10 that they have reached a deal, mediated by China, that includes the agreement to resume diplomatic relations and reopen embassies and missions within two months.