TEHRAN (Iran News) – A board member of the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) says a joint chamber of commerce will be established between Iran and Saudi Arabia.

Pointing out that the private sector has started the necessary planning for economic interaction with Saudi Arabia, Keyvan Kashefi said: “Soon, with the follow-up of the ICCIMA, a joint chamber of commerce between Iran and Saudi Arabia will be set up.”

He called the normalization of relations between Iran and Saudi Arabia the main political and economic issue of the country in the last month and said the private sector welcomes this constructive and positive interaction.

The ICCIMA board member further considered this political decision, the results of which were very positive on the country’s economy, to be a useful mechanism and expressed hope that these positive interactions with different countries will continue.

Pointing out that Iran and Saudi Arabia are two big and important countries in the region, Kashefi said political and economic cooperation between the two countries is the basis for stability in the region.

“Saudi Arabia is one of the few countries in the region with which we do not have a joint chamber of commerce, the official said, adding, “With the follow-up of the Iran Chamber, a joint chamber of commerce between the two countries will soon be established, and it will be a useful step to advance the economic goals of Iran and Saudi Arabia.”

“Also, we plan to start the exchange of trade delegations immediately after the reopening of the embassies and the deployment of the ambassadors of the two countries”, he added.

According to Kashfi, there are many fields, including oil, gas, petrochemicals, and knowledge-based, for cooperation between the two countries, and these capacities should be used.

Tehran and Riyadh reached an agreement in early March to resume diplomatic relations after years of hostility. The talks were brokered by China.

Kashefi went on to say that the trade between Tehran and Riyadh set record in 2021 as the amount was $200m but they have capacity for bigger number, adding that Saudi Arabia’s annual trade balance is around $300b and it can have provide trade market with Iran to $2b or $3b.