As a result of the discussion between Iran and UAE in the Joint Economic Commission meeting on Wednesday, the two countries planned to reach a $30 million annual trade.

Iran Press/ West Asia: Iran and the UAE discuss the promotion of mutual relations during the Joint Economic Commission to be held from April 30 to May 1, 2024, in Abu Dhabi.

During the meeting chaired by Iran Minister of Roads and Urban Development Mehrdad Bazrpash, and the UAE's Minister of Economy Abdulla bin Touq Al Marri, the two sides predicted $30 billion in trade and concluded 22 cooperation documents, as the Iranian Ministry reported.

After 10 years passing from the last Joint Economic Commission, the two sides discussed different agendas including trade, tourism, transit, banking, technology, energy, port, and aviation relations.  

Last year, bilateral trade between Iran and UAE was $27 billion indicating a 25% increase. The UAE after China is the largest trade partner of Iran. So as an important export destination, improving trade infrastructures including Import/export tariffs and transport infrastructures is a key prerequisite for the promotion of relations.  

The development of relations for international transit corridors, particularly the International North-South Transport Corridor (INSTC) to transit the UAE's freights to the Central Asian countries and the Caucasus and Russia as well as Europe from the territory of the Islamic Republic of Iran was a key agenda in the meeting.

Iran and the UAE have a prominent role in the International North-South Transport Corridor (INSTC), and with strategic decisions, they can play a unique role in reaching the North and South markets.

In the port cooperation, the two sides decided to draw on all capacities for investments in Chabahar Port and launch the Zahedan-Chabahar rail route for freight transit. 


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