TEHRAN (Iran News) – Chairman of Iran-UAE Joint Chamber of Commerce Farshid Farzanegan believes Iran can increase its annual exports to the UAE to $11b through dialogues between the governments and joining the FATF.
Farzanegan said that the UAE government’s restriction on the banking accounts of Iranian companies and businessmen are still on, reiterating that the pressure on companies active in the specialized sectors is lower.
He said two Iranian banks of Saderat and Melli in Dubai do not have any major activities regarding the foreign trade transactions, reiterating that refrain in joining the FATF is still a big hurdle in way of foreign trade of Iranian economic activists.
Farzanegan went on to say that despite hurdles, the foreign trade of Iran and the UAE soared last year, adding that Iran’s imports from the UAE stood at $9.6b last year while its exports to this Arab country were around $4.6b and it shows their trade volume increased by 6 percent last year.
He termed the economic relations of the two countries growing and added that any opening in the ties between Iran and Saudi Arabia will boost trade relation between Iran and the UAE especially with Abu Dhabi.
Farzanegan also said that by containing the coronavirus and removal of restrictions, Dubai economy will need the presence of Iranian businessmen and tourists.
He noted that despite all restrictions against Iranian companies and tradesmen in the UAE, this country is still in better position comparing to other countries in the Persian Gulf in terms of trade.
He went on to say that the UAE has major share of the world trade comparing to the other countries in the region and therefore Dubai is a good venue for re-export of Iranian goods.
Farzanegan stated that if the approach of developing economic cooperation with the UAE is put on the agenda of Iran’s government, then Iran’s exports to this country can increase by $7b annually while the exports of $11b will also be possible.