Iran, UAE ink comprehensive economic co-op MOU

 

The 3rd Iran-UAE Joint Economic Commission meeting was held in Abu Dhabi from April 30 to May 1 with the goal of further expanding economic cooperation between the two countries. Iranian Transport and Urban Development Minister Mehrdad Bazrpash and UAE's Economy Minister Abdullah bin Touq Al Marri co-chaired the meeting. 


During the meeting, the ministers stressed the need to boost economic ties given the strategic importance of the relationship. Iran sees the UAE as its second largest trading partner and both countries can leverage their locations along the International North-South Transit Corridor to access new markets in the north and south. 


Bazrpash noted it had been 10 years since the last joint commission meeting, representing an opportunity to develop commercial and economic ties. He emphasized that resolving banking and monetary issues would help facilitate bilateral trade. 


For his part, Al Marri underlined the significance of the meeting in showing the development of the economic relationship. Trade between Iran and the UAE, which is Iran's largest after China, reached $27 billion with many Iranian companies established in the UAE. 


He said creating new opportunities for transportation and banking cooperation was an achievement of the commission. Al Marri also pointed to the supportive business environment in the UAE, such as the foreign company formation law and government backing for new energy companies, which creates good prospects for partnerships with Iran. 


The meeting aims to strengthen economic cooperation between the two neighboring countries and uncover new areas for collaboration and investment.

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