TABNAK, Aug, 28: In a phone call between UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan and his Iranian counterpart Abbas Araqchi, the UAE side pointed to his country’s will to expand bilateral ties with Iran and continue mutual cooperation with Iran in regional affairs.
He also called for growing mutual cooperation between the two neighbors in the new Iranian administration.
The two sides further called for promoting bilateral ties in economic, consular and security domains.
Economic figures show that Iran-UAE business interactions have increased in recent years, and more than 120,000 Iranian businessmen are doing business in the UAE.
The UAE is Iran’s second-largest trade partner. The trade between Iran and the UAE has recovered from a pandemic slump of $11 billion in 2020/2021 to $24 billion in the 12 months ending in March, according to Iranian data.
The trade between the two sides has surpassed the $22 billion recorded in 2012 before U.S.-led sanctions were imposed on the Iranian economy.
Iranian officials have said they are now targeting a further increase in bilateral trade towards $30 billion in the next two years.
Early in May, Iran and the United Arab Emirates (UAE) signed a memorandum of understanding (MOU) for expanding economic cooperation in a variety of areas at the end of the two countries’ 3rd Joint Economic Committee meeting.
