Iran urges swift restoration of trade, economic ties with Saudi Arabia

2023-04-27 13:51:26
Iran urges swift restoration of trade, economic ties with Saudi Arabia

Iran’s main trade association has called for a swift restoration of trade and economic ties with Saudi Arabia and promotion of cooperation among the two countries’ private sectors.

The remarks were made by Gholamhossein Shafei, the chairman of Iran’s Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA).

In an official letter to the chairperson of the Council for Saudi Chambers of Commerce and Industry on Wednesday, Shafei hailed the decision by Tehran and Riyadh to open a new chapter in bilateral ties.

He expressed Iran’s private sector's readiness to exchange trade and economic delegations with Saudi Arabia, adding that holding joint trade fairs would play an effective role in bolstering bilateral economic cooperation.

“A visit by an economic delegation of Iran’s private sector to Saudi Arabia and the planning of the economic institutions of the two countries’ private sectors for the development of trade, commercial and industrial cooperation can considerably accelerate the realization of the will of the two countries’ authorities to normalize mutual relations,” Shafei wrote.

On March 10, after several days of intensive negotiations hosted by China, Iran and Saudi Arabia agreed to resume their diplomatic ties, which had been cut off for seven years.

In a joint statement after signing the agreement, Tehran and Riyadh highlighted the need to respect each others’ national sovereignty and refrain from interfering in the internal affairs of one another.

They agreed to implement a security cooperation agreement signed in April 2001 and another deal reached in May 1998 to boost economic, commercial, investment, technical, scientific, cultural, sports, and youth affairs cooperation.

To the dismay of the US and Israel, the detente has the potential to ease tensions across a region characterized by turbulence for decades, experts say.

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