Tehran-Muscat Trade Increases to $1bn in 2016

Oman’s Minister of Commerce and Industry Ali bin Masoud al-Sunaidy said the volume of trade exchange between Tehran and Muscat increased to as high as $1 billion in 2016 compared to the same period in 2015.

“Bilateral trade between Oman and Iran exceeded $1 billion by the end of October last year. In 2015, it was nearly $560 million,” al-Sunaidy said on Monday, according to the Times of Oman.

He made the remarks on the sidelines of ‘Iran Solo Exhibition’ held at the Oman Convention & Exhibition Centre in Muscat. Iranian Trade and Industry Minister Mohammad Reza Nematzadeh was also present at the event.

“We have seen the Iranian expo progressively bolstering the trading relationship between the two countries. A further growth in bilateral trade between the Sultanate and Iran is expected this year,” the Omani minister added.

Nematzadeh, for his part, underscored the importance of enhanced ties between the two countries in all fields, saying, “This expo, which is better than the last two editions, is an indicator of the growing trading relationship between the two countries. We hope that there will be a good opportunity for people to visit Iran.”

Organized by Iran’s Embassy and the Trade Promotion Organization of Iran, the exhibition will go until January 26.

Iran and Oman share age-old and close diplomatic, economic, and military ties. Sultan Qaboos played an important role in facilitating the early stages of nuclear talks between Iran and world powers, which led to the 2015 nuclear deal, also known as Joint Comprehensive Plan of Action (JCPOA), between Tehran and world powers.

(Source: Tasnim, under Creative Commons licence)

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