Resumption of trade with Saudi Arabia

Resumption of trade with Saudi Arabia
Resumption of trade with Saudi Arabia

Iranian customs spokesman, Ruhollah Latifi, revealed to Al-Araby Al-Jadeed, on Sunday evening, that Iranian exports to Saudi Arabia have resumed during the past two months.

“This event, after a complete interruption of exports and imports between the two countries, represents a positive development in parallel with the talks between them,” Latifi said, referring to the export of two shipments of Iranian goods to Saudi Arabia during the last period, at a value of $39,000.

He stressed that the volume of exports “is currently small and insufficient, but it is a positive indication and the beginning of the resumption of ties, and it can continue to secure the two countries’ needs in various fields.”

Latifi explained that the resumption of trade movement reflects the will of the two parties to strengthen relations and is the fruit of the talks between them through Iraq, adding that “Iran and Saudi Arabia are Islamic countries that have many opportunities to strengthen relations in various economic, political and cultural fields.”

The Iranian spokesman stressed that “the Iranian-Saudi rapprochement will have a positive impact on regional security, peace in the region, Islamic countries and economic growth,” pointing out that Saudi merchants had previously invested in some Iranian industries, and there was trade movement between the two countries before relations were cut off. In his interview with Al-Araby Al-Jadeed, Latifi added that Iran seeks to strengthen economic and political relations with neighboring countries and Asia within the framework of heading towards the east, pointing out that the resumption of political relations between Iran and Saudi Arabia will reflect positively on strengthening economic relations, “as the markets of the two countries are attractive to Iranian merchants.” and the Saudis.

Diplomatic relations between Tehran and Riyadh were severed in 2016 after Iranians attacked the Saudi embassy in Tehran and its consulate in the eastern city of Mashhad, against the backdrop of protests over Riyadh’s execution of Shiite cleric Nimr Baqir al-Nimr.

The dialogue between Iran and Saudi Arabia was launched last April in Baghdad after the efforts of the Iraqi government were crowned with success to bring the two sides together at one table. Tehran and Riyadh have so far held four rounds, three of them during the era of the previous Iranian government, and the fourth round is the first during the government of conservative Iranian President Ibrahim Raisi, who took over the Iranian presidency, early last August.

The spokesman for Iranian customs, Ruhollah Latifi, indicated that the volume of trade exchange between Iran and the 15 neighboring countries during the first half of the current Iranian year (March 21 to September 22) amounted to $22 billion and 588 million, while the volume of all foreign trade exchange amounted to $22 billion. During this time period, more than 45 billion dollars.

Latifi added that Iranian trade exchange with the 15 neighboring countries is recording a growth of 52 percent during the period compared to last year, which reveals that Tehran has recorded successes in circumventing US sanctions.

In his interview with Al-Araby Al-Jadeed, he explained that during this period, the value of Iranian exports reached 22 billion dollars, of which more than 11 billion dollars were with Iran’s neighboring countries, while the value of imports amounted to more than 23 billion dollars, including more than 11 billion dollars with neighbors. .

Referring to five main destinations for Iranian exports among neighboring countries during the past six months, Latifi indicated that Iraq exported them with 3 billion and 840 million dollars, then Turkey with two billion and 308 million dollars, followed by the UAE with two billion and 243 million dollars, Afghanistan with 999 million dollars and Pakistan with 544 million dollars. As for the top five countries in imports to Iran among its neighbors, he stressed that the UAE topped it with $7 billion and $305 million, then Turkey with $2 billion and 435 million, Russia with $639 million, Iraq with $499 million and Oman with $270 million.

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