Iran exported non-oil commodities valued at $2.3 billion to the United Arab Emirates (UAE) during the first five months of the current Iranian calendar year (March 21-August 22), the Islamic Republic of Iran Customs Administration (IRICA) announced.As reported, the UAE was the third top export destination of Iranian non-oil goods in the mentioned five-month period.The IRICA also announced that exporting non-oil goods worth $7.3 billion to Iran, the UAE was Iran’s first source of import in the first five months of this year.On September 10, the Financial Times reported that trade between Iran and the United Arab Emirates has increased significantly as Abu Dhabi eased restrictions on business activity between the two neighbors.The UAE has eased some limitations on corporate registrations and the issuance of visas to companies from Iran in recent months, Financial Times reported, quoting business people and officials.Iranian financiers are also exploring how to enhance bilateral trade by creating financial mechanisms to fund legitimate transactions, the report added quoting the sources.The UAE is Iran’s second-largest trade partner. The trade between Iran and the UAE has recovered from a pandemic slump of $11 billion in 2020/2021 to $24 billion in the 12 months ending in March, according to Iranian data.The trade between the two sides has surpassed the $22 billion recorded in 2012 before U.S.-led sanctions were imposed on the Iranian economy.Iranian officials have said they are now targeting a further increase in bilateral trade towards $30 billion in the next two years.“Pressure from the UAE central bank has decreased and some Emirati banks have started opening bank accounts,” said Masoud Daneshmand, a former head of the Iran-UAE Chamber of Commerce. “Currently, some Iranian companies that used to be in the UAE but had become inactive have become active again. Some new companies have also started business.”In diplomatic exchanges, Iranian officials have been asking their Emirati counterparts to find new mechanisms for financing trade, according to people briefed on these conversations.“Our economic relationship with Iran has long been of major importance,” said the UAE’s economy ministry. “The UAE’s trade with Iran is conducted in full compliance with global rules and standards.”For years there have been self-imposed restrictions on business with Iran, but these have been gradually eased in recent years, a UAE-based businessman said. “There’s a sense of more openness.”Iran and the United Arab Emirates have agreed to sign new memorandums of understanding (MOUs) on the avoidance of double taxation and facilitation of mutual investment.The decision was made during a meeting between Iranian Minister of Finance and Economic Affairs Ehsan Khandouzi and UAE Minister of State for Financial Affairs Mohamed bin Hadi Al Hussaini on the sidelines of the annual meeting of the Islamic Development Bank (IsDB) Board of Executive Directors in Jeddah in mid-May.During the meeting, the officials emphasized increasing cooperation in the fields of trade and foreign investment; in this regard, it was decided that appropriate measures should be implemented soon in order to sign agreements on facilitating foreign investment and avoidance of double taxation between the countries.Pointing to the positive impact of the resumption of relations between the Islamic Republic of Iran and Saudi Arabia in the region, Al-Husseini said that the volume of trade between the two countries has increased about 40 times.“This volume of trade in various fields indicates a natural and positive growth of relations and interactions between Iran and the UAE, and the role of the governments of the two sides is to encourage trade and facilitate it through agreements to avoid double taxation, and it is necessary to revise the existing agreements between the two countries,” he said.Khandouzi for his part referred to the previous unfinished negotiations related to the drafting of a foreign investment agreement between the two sides, saying: “The Islamic Republic of Iran is ready to cooperate in joint profitable projects, as well as cooperation for investing in other countries.” (ICE TEHERAN)

Fonte notizia: Tehran Times