Iran and UAE sign memorandum of understanding on comprehensive economic cooperation


TEHRAN – Iran and the United Arab Emirates (UAE) signed a memorandum of understanding (MOU) to expand economic cooperation in various fields at the end of the third joint economic committee meeting between the two countries.

The MoU was signed by Iranian Minister of Transport and Urban Development Mehrdad Bazrpash and UAE Minister of Economy Abdullah bin Touq Al Marri, and Co-chaired the joint meeting.

At the above-mentioned committee meeting, both sides emphasized the need to further expand economic cooperation between Tehran and Abu Dhabi.

Bazpash said at the end of the meeting: “After 10 years, we held a joint committee between the two countries. This is an opportunity to develop commercial and economic relations between the two countries.”

“As Iran’s second largest trading partner, the UAE is of great strategic importance to us,” the minister said.

Talking about the position of Iran and the UAE in the International North-South Transit Corridor (INSTC), Bazarpash said: “Access to the North-South market can create cooperation opportunities for both countries.”

Finally, the minister stressed on resolving banking and currency issues between the two countries to boost bilateral trade relations.

Abdullah bin Touk al-Marri stressed the importance of the meeting, saying: “The holding of today’s meeting demonstrates the development and expansion of economic relations between the two countries. After China, the scale of trade relations between the UAE and Iran The largest. The trade volume between the two countries has reached 27 billion US dollars, and many Iranian companies have set up businesses in the UAE.

“Creating new opportunities for transportation and banking cooperation is one of the committee’s achievements,” the official said.

Talking about the UAE government’s performance in the field of investment, the official said: “The approval of the foreign company formation law and the government’s support for enterprises in the new energy field have created good opportunities for the UAE to do business with the UAE.”

The third Iran-UAE Joint Economic Committee was held in Abu Dhabi from April 30 to May 1,

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Photo: Iranian Minister of Transport and Urban Development Mehrdad Bazrpash (left) and UAE Minister of Economy Abdullah bin Touq Al Marri exchanged and signed MoU documents.



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