Iran-UAE trade Is a win-win one

The ICCIMA hosted a meeting on reviewing trade opportunities and capacities between Iran and the UAE with economic activists, members of the joint Iran-UAE Chamber of Commerce, and representatives of economic bodies in presence.

In the meeting, the participants explained the major hurdles in way of developing trade activities between Iran and the UAE and the private sector raised their suggestions for developing relations.

Addressing the meeting, Karbasi said that neither is the UAE willing to ignore Iran’s market nor is Iran to miss the good trade capacities with the UAE. He then pointed to the trade volume between Iran and the UAE in the past, saying that once their trade volume had touched over $30b but unfortunately because of sanctions and other restrictions, the trade volume of both states has declined sharply.

Karbasi added that he believes the trade capacity of Iran and the UAE is more than $30b provided that the ground for trade is laid. He went on to say that the trade between Iran and the UAE is a win-win one and both sides are aware of it and all capacities should be used desirably.

He noted that fortunately there is no restriction from both Iran and the UAE officials for bilateral trade and even despite the UAE’s normalization of ties with the Zionist regime, Iran is keen to develop its trade with the UAE and as soon as the coronavirus pandemic is contained, the exchange of trade delegations will start.

He then pointed to the problems which Iranian traders have faced and called for resolving them through political and economic diplomacy.

Karbasi further said that the trade volume of Iran and the UAE was $14b last year and the trade balance was in favor of the UAE but the trade volume has declined to $9b in the first three quarters of the current year and statistics show that again the trade balance has been 60 to 40 percent in favor of the UAE.

Meanwhile Head of Iran-UAE Chamber of Commerce Farshid Farzanegan, for his part, pointed to the global changes and the need for having relations with the neighboring states and explained the major economic capacities of both countries.

He called for the integration of regional economies, adding that the UAE, Turkey, and Russia are three neighboring states of Iran with high capacity for attracting Iranian goods among the neighboring states and underscored the development of relations with these countries, especially with the UAE as the country has exported diverse Iranian goods and it is a good chance for Iran for developing ties.

Farzanegan also said no-issuance of trade and tourism visas and revoking visas and stay permits of Iranians, the UAE’s strictness on Iranians’ banking accounts, weakness of road transportation, and the customs tariffs are of the major hurdles in way of developing bilateral trade between both countries.

Participants in the meeting called for launching a banking brokerage and resolving the logistics and visa problems and suggested Iran’s embassy launch a commercial section in Dubai.

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