Iran, Saudi Looking To Develop US$2 billion In Bilateral Trade

Following the restoration of political relations with Saudi Arabia, Iran aims to have US$1 billion annual trade with Riyadh in the short term and push this volume to US$2 billion in the medium term, an official said.

Farzad Piltan, the Director General of Iran’s West Asia Department of the Trade Promotion Organization stated that the value of the two countries’ trade exchanges was about US$800 million over the previous years with the balance of trade in favor of Iran.

In the early 2010s, the volume of trade exchange between Iran and Saudi Arabia faced a declining trend and bilateral trade levelling to about US$200 million and then collapsed as relations between the two countries declined considerably after the severance of diplomatic ties.

After the recent thaw in relations between the two neighboring countries, achieving renewed billion dollar trade volumes with Saudi Arabia are based on the current and previous capacities of the two counties, Piltan noted.

He said Iran and Saudi Arabia enjoy high potentials and capabilities to promote their bilateral ties, particularly in the economic field.

In addition to importing and exporting goods, the two countries enjoy high potentials to cooperate with each other in the field of investment, joint industrial production and implementation of technical and engineering projects, etc, he stated.

Elsewhere in his remarks, he referred to the Iran-Saudi Arabia Joint Economic Commission meetings, mentioning the revival of 20 cooperation documents inked between the two countries, he said suitable ways have been paved for the two countries with the possibility of updating and revising about cooperation agreements in the development of trade infrastructures.

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