TEHRAN- The value of Iran’s non-oil export to Oman increased by 14 percent during the first ten months of the current Iranian calendar year (March 20, 2024-January 19, 2025), as compared to the same period of time in the past year, the spokesperson for the Trade Development Committee of the House of Industry, Mining, and Trade announced.

Ruhollah Latifi said that Iran exported non-oil commodities valued at $297.764 million to Oman in the ten-month period.

In an interview with IRNA in early February, Abdolamir Rabihavi, the director general for West Asia at Iran’s Trade Promotion Organization (TPO), highlighted recent negotiations in Muscat between Iran’s Industry, Mining, and Trade Minister Mohammad Atabak and Omani officials, saying Iran aims to break previous trade records with Oman and achieve a 15 percent growth in trade volume by the end of the year.

Rabihavi noted that Atabak led a delegation of government officials, traders, and private-sector manufacturers to Oman for the 21st Joint Economic Committee meeting.

He stated that the committee covered various trade and logistics issues, resulting in numerous agreements, many of which stemmed from a year of negotiations.

A key achievement of the meeting was the participation of private-sector representatives, coordinated by the Iran Chamber of Commerce and the Iran-Oman Joint Chamber of Commerce.

On the sidelines of the event, bilateral meetings were held with Omani counterparts, and Iranian representatives toured Omani industrial and investment units, gaining insights into Oman’s market and production landscape.

Discussions also addressed trade volume, customs and visa facilitation for businesses, maritime transit, leveraging Iran as a transit hub for Eurasian Economic Union exports to Oman, and ways to boost bilateral trade.

Rabihavi highlighted the signing of a cooperation agreement between Iran and Oman and noted that Atabak met separately with Oman’s transport minister, energy and mining minister, and the head of the Omani Investment Authority. The ministers then signed the joint committee’s agreements and minutes.

Additionally, negotiations on a preferential trade agreement were extended, with plans to finalize and sign the document soon. The agreement aims to lower tariffs and facilitate trade.

Rabihavi said another visit is scheduled in two weeks to finalize these discussions.

“The joint committee meeting yielded significant achievements for Iran. If these agreements materialize, trade will grow. Oman has free trade agreements with several countries, including Persian Gulf Cooperation Council members, which Iran can leverage for re-exporting its goods,” he concluded.

The 21st meeting of the Iran-Oman Joint Economic Committee, which was held in Muscat on January 25, was described by the Iranian minister of industry, mining, and trade as distinct from the previous 20 gatherings, focused on three key agendas.

Mohammad Atabak has highlighted the signing of the MOU and elaborated on the meeting's agenda.

The first agenda item addressed the establishment of a preferential trade agreement and the elimination of tariffs between the two countries. Atabak stated that this initiative had been approved.

The second agenda item involved supporting joint investments between Iran and Oman. Atabak announced that both nations had reached an agreement on this issue.

The third agenda focused on necessary administrative and customs collaborations to facilitate trade. The minister noted that required planning and task allocation had been completed, and this initiative is expected to yield results shortly.

In meetings with Omani ministers of trade and energy and the chairman of Oman’s investment authority on the sidelines of the joint cooperation meeting, the two sides also explored avenues of cooperation in various areas.

Mousa Farhang, Iran's ambassador to Oman, stated that several agreements are in their final stages and are expected to be concluded during upcoming bilateral meetings.

In a meeting with Oman's minister of transport and communications, Atabak explored strategies to facilitate the transportation of goods, passengers, and commercial exchanges. This discussion aimed to expand economic and trade cooperation between the two nations.

Iran shares land or water borders with 15 countries namely UAE, Afghanistan, Armenia, Azerbaijan, Bahrain, Iraq, Kuwait, Kazakhstan, Oman, Pakistan, Qatar, Russia, Turkey, Turkmenistan, and Saudi Arabia.

Expanding trade with the neighboring countries is one of the major plans that the Iranian government has been pursuing in recent years.

Iran and Oman have signed two memorandums of understanding (MOU) to boost bilateral cooperation and emphasize the importance of using their national currencies in mutual trade instead of the dollar.

The mentioned MOUs were signed during the two countries’ 20th Joint Economic Committee meeting in Tehran on December 6, 2023.

One of the MOUs was signed by Iran’s former Industry, Mining and Trade Minister Abbas Ali-Abadi and Oman’s Minister of Commerce, Industry and Investment Promotion Qais Mohammed Al Yousef on supporting joint investment by the two sides.

Iran’s Ministry of Industry and Oman’s Chamber of Commerce also signed an MOU to boost cooperation in technology as well.

The two sides have also exchanged views on ways of expanding cooperation in the field of fishery and agriculture, deciding to hold a joint fishery exhibition soon.

During the joint committee meeting, Ali-Abadi announced Iran’s readiness to jointly implement key industrial projects with Oman including the construction of an industrial park, the establishment of power plants as well and cooperation in maritime transport projects among others.

The Omani minister on his part emphasized the importance of boosting economic and trade relations between Tehran and Muscat.

During his stay in Tehran, Mohammed Al Yousef also met with Governor of the Central Bank of Iran (CBI) Mohammad-Reza Farzin, and stressed the importance of using Iranian and Omani national currencies in mutual trade.

The Omani official said his country wants to have a strong presence in establishing the required infrastructure for banking and monetary transactions in Iran, implementing joint projects, as well as making investments in industrial and mineral projects. Omani investors are also keen to participate in energy projects and to develop Iran’s gas fields, he added.

The top Iranian banker also said that his country welcomes any measure that helps boost monetary and banking cooperation between the two countries.

Farzin stressed the importance of using national currencies by the two countries in their mutual trade instead of the dollar as well.

MA