Iran-UAE trade relations improving, joint chamber of commerce says

(Tuesday, August 13, 2019) 13:05

TEHRAN, Aug. 07 (MNA) – The chairman of Iran and United Arab Emirates (UAE) joint chamber of commerce says that the trade relations between the two neighbors are improving, though adding there is a long way to go to restore full ties.

Farshid Farzanegan, the chairman of Iran-UAE joint chamber of commerce said on Wednesday that “in the current situation, the economic and political relations are improving.”

Farzanegan described peace and security in the region as critical factors for economic development, adding that the United Arab Emirates also knows that their country's progress depends on peace in the Persian Gulf. The tensions in the Persian Gulf will slow down their own economic progress, he added.

He further asserted that there is a significant number of economic agents in the UAE, especially in Dubai, many of whom are interested in working with Iran.

The chairman of Iran-UAE chamber of commerce further said that the Iranian Foreign Ministry and the Trade Promotion Organization (TPO) have increasing relations with the neighboring countries atop their agendas, stressing that the Iran-UAE chamber of commerce and the private sector need to help those two bodies to expand the country’s trade ties.

Farzanegan underlined that Dubai’s economy depends on trade relations with Iran, adding that both sides are eager to continue and expand bilateral trade ties.

He also pointed out that out of the 3.5 million Dubai population 600,000 are Iranians, putting the number of Iranian companies operating in Dubai as 6,000 and the number of Iranian merchants working with the major Emirati city at 8,000.

The Iranian official further described Expo 2020 Dubai as a great opportunity for Iranian companies to showcase their products.