Iran, Saudi Arabia to launch joint chamber of commerce

According to a top Iranian businessman, Iran and Saudi Arabia want to establish a joint chamber of commerce to enhance bilateral trade nearly a month after they agreed to reestablish diplomatic relations.

Iran (IMNA) - On Monday, Keyvan Kashefi, a member of the governing board of the Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA), stated that the Iranian private sector has already begun planning for stronger commercial links with Saudi enterprises.

Kashefi stated that ICCIMA's effort to establish the Iran-Saudi Arabia Joint Chamber of Commerce will be a significant step forward in the promotion of the two countries' closer economic objectives.

In early March, top security officials from Iran and Saudi Arabia secured an agreement in the Chinese capital Beijing to reestablish diplomatic contacts between the two nations after a seven-year hiatus.

According to the deal, Iran and Saudi Arabia would reopen their embassies within two months to allow for full restoration of relations.

Kashefi stated that Iran and Riyadh want to boost their commercial connections to levels not seen since they severed diplomatic ties in 2016.

In addition, he stated, "we have plans to begin exchanging trade delegations as soon as the embassies reopen and the ambassadors of the two nations undertake their duties."

The businessman claimed that Riyadh and Tehran had a significant opportunity to expand their economic relations in the petrochemical, gas, and oil sectors.

In the next years, Kashefi claimed, yearly trade between the two countries might easily exceed $3 billion.

News ID 652239


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