Political tension has forced Iran to consider replacing the United Arab Emirates (UAE), its traditional trade hub, with Qatar and Oman, China's Xinhua news agency reported.
Iran is working to curb its trade ties with the UAE since the latter pressured Iranian traders over
value-added tax, visa issuance and banking restrictions, it said quoting the Financial Tribune on Sunday.
Earlier this month, the Central Bank of Iran (CBI) singled out obstacles created by UAE banks for Iranian traders, saying that Iran is seeking alternatives to replace the UAE in its banking transactions.
Hossein Yaqoubi, the director-general for international affairs of CBI, proposed that Qatar and Oman replace the UAE as the main trade hub for Iran since ties with both countries are growing.
Adnan Musapour, head of Iran-Qatar Chamber of Commerce, said Qatar and Oman have the potential to facilitate Iran's trade with the world "but we should not cut off our trade ties with the UAE.'´
This is because the Persian Gulf state was our only trade gateway during the sanctions, he added.
The latest data released by the Iran Customs Administration shows that trade between Iran and the UAE reached US$12.9 billion in 2017.
Iran's exports to Qatar reached US$ 215 million in 11 months until Feb 20, significantly higher than the previous year's US$ 92 million dollars.
Imports from Qatar saw a 157 percent growth during in 10 months until Jan 21, with the value of imports at US$ 21 million.
Banking cooperation, however, seems to be still an issue for Iranian traders moving to Qatar.
