Tehran, May 1, 2024 (MRUD NEWS)—During Iran, UAE Joint Economic Commission in Abu Dhabi headed by Iran Minister of Roads and Urban Development, Mehrdad Bazrpash, and Minister of Economy of the United Arab Emirates, Abdulla bin Touq Al Marri, the two sides predicted $30 billion in trade and concluded 22 cooperation documents.
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.
Pointing to the policy of Iran for the development of relations with the neighboring countries, Bazrpash said: "All in all, with all the pressures that the United States has exerted on the countries of the region, especially the UAE, to reduce their relations with Iran, there is no obstacle to the development of cooperation, and we hope that after joint economic commission, there will be a considerable increase in trade volume between the two countries".
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 has been a key agenda in this 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 launching the Zahedan-Chabahar rail route for freight transit.
Currently, there are about 320 flights per week between the two countries, According to Bazrpash.