TEHRAN (Iran News) –Following the restoration of political relations with Saudi Arabia, Iran aims to have $1 billion annual trade with the Arab country in the short term and promoting it to $2 billion in the medium term, an official claimed.

Director General of West Asia Department of the Trade Promotion Organization of Iran (TPOI) Farzad Piltan made the remarks in an interview with Mehr News Agency and stated that the value of the two countries’ trade exchanges was about $800 million over the previous years with the balance of trade in favor of the Islamic Republic of Iran.

In the early 2010s, the volume of trade exchange between Iran and Saudi Arabia faced a declining trend and bilateral trade reached about $200 million and then, the relations between the two countries declined considerably after the severance of diplomatic ties, he added.

After the recent thaw in relations between the two neighboring countries, achieving $1 billion trade with Saudi Arabia in the short term and also $2 billion in the medium term have been on agenda based on the current and previous capacities of the two counties, Piltan noted.

He said Iran and Saudi Arabia enjoy high potentials and capabilities to promote their bilateral ties, particularly in the economic field.

In addition to importing and exporting goods, the two countries enjoy high potentials to cooperate with each other in the field of investment, joint industrial production and implementation of technical and engineering projects, etc., he stated.

Elsewhere in his remarks, he referred to the Iran-Saudi Arabia Joint Economic Commission meetings and pointed out that the 7th meeting of the Commission was held in Riyadh in 2005.

Turning to the revival of 20 cooperation documents inked between the two countries, he said suitable ways have been paved for the two countries with the possibility of updating and revising about 20 cooperation documents in the field of development of trade infrastructures.

Piltan reiterated many capacities for broadening trade cooperation between Tehran and Riyadh and pointed to some of them lime exporting iron products, dried fruits, cement and saffron, adding that Iran can import mineral and chemical fertilizers, poly ethylene and textile products from Saudi Arabia.

He went on to say that both countries can resume cooperation in the field of investment, joint industrial production and implementing the technical and engineering services projects.

Piltan also noted that with restoration of diplomatic ties and holding the joint commission, there will possibility for upgrading and reviewing some 20 documents of cooperation which had been signed between the two countries in the past.

He stated that there will be a chance for Iran to participate in Saudi Arabia’s 2030 Outlook plan as the Arab country wants to improve its ranking position in the world in terms of competitiveness from 25 to 10 by 2030.

Piltan went on to say that due to Iran’s need to foreign investment, attracting investment from Saudi Arabia in the free and special economic zones as well as attracting tourists will good opportunities for Iran for advancing its own strategic plans for development.