TEHRAN- Iran’s Trade Promotion Organization (TPO) held the first meeting of its Commodity-Country Desk on trade with Oman presided by Farzad Piltan, the director general of TPO’s Office of Arabian and African Countries.

As reported by the website of TPO, the meeting was held on January 8 mainly aiming at investigating the ways for increasing exports of constructional materials to Oman and removing the barriers related to transporting these materials to the Arab country, and was participated by the related state-run and private sectors officials including representatives of some exporting and marine transport companies.

Despite the U.S. reimposition of sanctions against the Islamic Republic, Oman is getting closer to Iran both politically and economically. There is also the same approach adopted by Iran, as Iranian companies now prefer to conduct trade with Oman rather than the United Arab Emirates (UAE), given that the UAE is highly complying with the sanctions.

Iran is somehow replacing some of its previous strategic trade partners such as UAE with Oman, considering the Sultanate as an economic-trade hub.

Over the past year there have been many meetings and negotiations between trade and economic officials from the state-run and private sectors of the two sides with the aim of strengthening and expanding bilateral trade ties.

Last month, during the 18th meeting of Iran-Oman Joint Economic Committee in Tehran, Omani minister of commerce and industry said his country is trying to boost its trade and economic ties with Iran, stressing that this goal can be achieved through more cooperation between the two sides’ private sectors.

Ali bin Masoud al Sunaidy also said, “We will make the most efforts to provide incentives for joint investment and also promote bilateral trade cooperation between the two countries.”

Stressing that a very proper condition is available for invigorating the bilateral trade, the Omani official said the two sides can also take the advantage of bartering to expand their trade ties.

Addressing the same meeting, Iranian Industry, Mining and Trade Minister Reza Rahmani said while there are potential and capabilities for boosting the trade turnover between Iran and Oman to $5 billion, the figure is currently $1 billion.

The International North South Transit Corridor (INSTC) can help the two countries elevate their bilateral trade to this level, the minister noted.

There are some problems regarding money transferring between the two sides’ traders which are hoped to be resolved through strategies to be adopted by the central banks of the two countries, Rahmani further said.

MA/MA