TEHRAN – The value of trade between Iran and the United Arab Emirate (UAE) is expected to reach $20 billion by the end of the current Iranian calendar year 1400 (March 2022), according to the head of the Iran-UAE Joint Chamber of Commerce.

“Based on the reached agreements between the two countries and economic forecasts, the two sides’ trade will reach $20 billion by the end of the current [Iranian calendar] year,” the portal of the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) quoted Farshid Farzanegan as saying.

Speaking at the unveiling ceremony of a UAE Business Guide booklet in Tehran, Farzanegan put the Iran-UAE’s current trade at about $15 billion, saying:” both sides are seeking to increase trade to $30 billion by 2025.”

"Gold, diamonds, and metals such as aluminum, copper, and steel are among the UAE's largest trading items," he said, adding that Iran has always been one of the UAE's main suppliers of metallic raw materials, although the trade of such products between the two sides has declined due to the sanctions.

He further noted that the export of agricultural products and foodstuff to the UAE suffered the least damage from the sanctions and the coronavirus pandemic.

"In our relation with this country, the issue of investment has always been raised, but in recent years due to rising investment risks in Iran we could not define many joint activities with the UAE,” he added.

The UAE is Iran's top trading partner in terms of imports and the country’s third-largest export partner, indicating that many Iranian companies have put trade with the UAE on the agenda.

Farzanegan said that the UAE imports $260 billion of various products a year and is known as a trade hub in the region.

"If we can expand our trade with UAE, Russia, and Turkey, Iran's export capacity will grow significantly," the official added.

EF/MA