Iran Expects Big Jump in Trade with Arab States amid Détente with Saudi Arabia
TEHRAN (Tasnim) – Iranian businesses believe trade with Arab countries of the Persian Gulf could see a big jump in the near future amid a political rapprochement between Iran and Saudi Arabia.
Chairman of Iran Export Confederation Mohammad Lahoti said on Tuesday that better ties between Iran and Saudi Arabia would certainly boost trade opportunities for Iranians living and working in the United Arab Emirates, a major re-exporting hub in the region.
Lahoti said that Iranian businesses had major difficulties in the UAE since 2016 when Tehran and Abu Dhabi downgraded their ties mainly because of problems in relations between Iran and Saudi Arabia.
He said trade between Iran and the UAE had increased significantly in the two months to late May to reach $3 billion, Press TV reported.
The businessman said that Iran’s exports to Saudi Arabia had jumped to some $15 million in the few months that have passed since March when the two countries decided to restore their diplomatic relations under a deal signed in China.
He said that Iran expects annual trade with Saudi Arabia to reach $2 billion in the near future, adding that there is a good demand in the kingdom for Iranian-made steel and mining products as well as for dry nuts, carpets and tiles shipped from Iran.
