Tehran, May 5, 2024 (MRUD NEWS)—There were high-level meetings between Iranian and the UAE delegations during the Joint Economic Commission that eased the agenda of strengthening bilateral relations not least $30 billion in trade.

During the visit of Bazrpash with Sheikh Mansour bin Zayed bin Sultan Al Nahyan, the current vice president and deputy prime minister of the United Arab Emirates in Qasr Al Watan, the two sides discussed bilateral relations particularly the development of trade between the two countries. 

Also, as the heads of JEC, Bazrpash met with Abdulla Bin Touq Al Marri, Minister of Economy of the United Arab Emirates (UAE) when two documents related to JEC were formally signed. Iran's Minister of Roads and Urban Development also talked to the UAE's businessmen to pursue trade development between the two countries more seriously. 

As far as the achievements were concerned, strengthening mutual relations between two important regional countries which happened after 10 years can be considered the most important achievement. However, the achievements of this Commission can be explicitly seen in trade, commerce, energy, transport and baking. 

In trade, considering that the UAE is the second largest trade partner of Iran after China, the two sides agreed on targeting $30 billion in trade and formed an economic and commercial committee under the responsibility of Iran's Ministry of Industry and the UAE's Ministry of Foreign Trade with the membership of other institutions to facilitate manufacturing and commercial cooperation, knowledge-based and top technologies in IT and artificial intelligence.

Establishing cooperation between the Export Guarantee Fund of the two countries was one of the topics discussed with the Emirati authorities, which, if implemented, will provide the basis for increasing the stability of the business activities of the two countries.

For facilitating export, reducing long administrative processes of the UAE for Iranian exports to the UAE, as well as imported and transit goods, and establishing a joint logistics committee to plan and facilitate the export and transit processes through the territory of the two countries, as well as conducting technical negotiations for finalizing these programs and providing necessary guarantees to the Emirati investors were discussed.

In gas and energy, a task force was formed and the UAE's investments in the oil and gas sector of Iran was also discussed, and now it has to be seen to what extent this issue can affect the energy market of the region and the two countries.

In banking and finance, the investment of financial institutions and reputable Emirati banks in the International Exchange of Free Zones of Iran and shareholding in this exchange has been an agenda discussed in this meeting, and it seems that this issue if realized, will partially compensate for the lack of capital in Iran.

Further formation of a joint investment fund with an initial investment of $1 billion from each side, the formation of a joint banking task force under the supervision of the central banks of the two countries, and encouraging commercial banks to establish and expand banking relations between the two countries and forming a joint bank between the two countries were conferred which was emphasized by Sheikh Mansour bin Zayed.

The necessity of the cooperation of the UAE to open bank accounts for Iranian individuals as well as companies registered in the UAE with Iranian shareholders, and the necessity of the cooperation of the UAE regarding the possibility of using international banking services such as letters of credit in international transactions from/to the UAE from other fields were also addressed. 

In technical and engineering services, the two sides discussed forming a joint executive consortia between large engineering companies of the two countries for the joint implementation of domestic and international construction projects bilaterally or multilaterally, considering the reputation of Iranian companies in the region and the great potential of Iran in technical and engineering fields, especially in the field of construction and the direct investment of the UAE in various areas of transportation and transit, construction of railways, supply of locomotives, establishment of dry ports, development of ports, construction and development of airports (Mehrabad, Tehran and Isfahan and construction of Mashhad airport city), tourism, industry, oil, gas , refinery projects, desalination, mineral industries and modernization of Iran's industries, new and renewable energies, creation of electric power plants and solar parks, creation and production of greenhouse products, animal husbandry and fisheries in neighboring provinces.

Also, Iran's Railways announced its readiness to transport any rail cargo in the region by passing through Iran from/to the southern ports of Iran which was welcomed by Businessmen and the UAE Government.

Additionally, the creation and development of digital data exchange, especially shipping and customs documents to reduce formalities at entry/exit points, addressing the problem of issuing certificate from the Chamber of Commerce, as well as document approval by the Ministry of Foreign Affairs of the UAE for goods that are only embargoed by the UAE or have a civilian use (even if the UAE customs has confirmed that the goods are civilian),such as car parts that are exported from the UAE to Iran or re-exported to Iran through the ports of the UAE, and the permission for the presence and establishment of booths by the private sector of Iran in some exhibitions held in the Dubai International Trade Center (WTC) and the necessity of cooperation of this center with other exhibition to facilitate the presence of Iranian companies were other discussed agendas, which can pave the way for businessmen of the two countries for further cooperation.