Tehran, Muscat to Launch PTA for Boosting Bilateral Trade: Industry Minister
TEHRAN (Tasnim) – Iran’s minister of industry, mine and trade said Iran and the Sultanate of Oman will launch a Preferential Trade Agreement (PTA) to increase annual trade to $3.5 billion.
The two countries are targeting $3.5 billion in annual trade exchanges in 2024, Abbas Aliabadi stated.
Facilitating trade for businesspersons and removing the existing barriers facing merchants of the country are the main objectives of the ministry, he said, adding that reducing trade and business tariffs is one of the measures taken in this regard.
He drew a comparison between a PTA and a Free Trade Agreement (FTA) and noted that the tariff rates in a PTA are slightly higher and more limited than an FTA but have a good effect on the amount of trade.
Given the Omani membership in the Persian Gulf Cooperation Council (PGCC), Iran can launch the PTA with Oman, which would lead to an increase in the volume of trade between the two countries, the industry minister highlighted.
Iran and Oman have the potential to increase their annual trade to $5 billion, Aliabadi emphasized.
He called on the businesspersons and traders of the country to make their utmost efforts to promote trade ties with the Sultanate of Oman since the two countries have established excellent diplomatic relations.