Iran-UAE trade reaches more than $1.b in 5 months



The New Arab Staff | The New Arab

The head of the Iran-United Arab Emirates (UAE) Joint Chamber of Commerce revealed that the value of trade between the two countries surmounted $1 billion in the first five months of the Iranian calendar which runs from 21 March to 22 August. 

Within those five months, Iran’s export to the UAE totalled $380 million and imports at $1.07 billion with the previous year – ending on 20 March – standing at $14.2 billion, reported Iran’s Trade Promotion Organization (TPO). 

Farshid Farzanegan, Chairman of Iran-UAE  joint Chamber of Commerce said, “as per agreements and forecasts, the volume of trade between the two countries will reach $20 billion by the end of the fiscal year 2021-22.”

He went on to add: “Iran’s agricultural and food exports to the UAE was the least impacted by sanctions and the spread of coronavirus.” 

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