Iran-Saudi trade would spike with a 'win-win' peacemaking

Ehsan Khandouzi, Iran's Finance Minister, has applauded the recent deal between Iran and Saudi Arabia to reestablish diplomatic ties, claiming that the pact will enhance bilateral commerce and investment.

Iran (IMNA) - Khandouzi, who arrived in Jeddah on Thursday to attend the Annual Meetings of the Islamic Development Bank Group (IsDB), mentioned the possible economic advantages of the Tehran-Riyadh reconciliation, which was concluded on March 10 after China-mediated discussions in Beijing.

The accord reached between Iran and Saudi Arabia, with the help of friendly countries, will lead to more trade and investment prospects in both states," Khandouzi said on the sidelines of the ceremony on Friday.

"We believe that strengthening economic ties between Iran and Saudi Arabia is a win-win situation that will benefit both countries as well as the region," he added.

Khandouzi, who leads a senior economic delegation, is the first Iranian official to visit Saudi Arabia following the agreement's signature. He will meet with Saudi authorities as well as representatives from other Muslim countries.

He is also set to speak at the annual meeting of the Islamic Development Bank, a Jeddah-based bank that uses Islamic money to support infrastructure projects.

Last month, Khandouzi stated that Iran planned to increase its annual commerce with Saudi Arabia to $1 billion as the first step toward establishing commercial ties. According to him, the Trade Promotion Organization of Iran (TPO) set this aim based on the two countries' capacities.

In March, Iran and Saudi Arabia decided to reestablish diplomatic relations after a seven-year hiatus. They decided to reestablish their embassies in the capitals of each other by May. On April 6, both nations' foreign ministers met in Beijing and released a joint statement expressing willingness to remove all hurdles to the strengthening of bilateral ties.

News ID 660833


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