‘Iran, Saudi Arabia to set up joint chamber of commerce’
A senior Iranian businessman says Iran and Saudi Arabia plan to form a joint chamber of commerce to boost bilateral trade nearly a month after they reached an agreement to restore their diplomatic relations.
Keyvan Kashefi, who is a member of the presiding board of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA), said on Monday that the private sector in Iran has already started planning for increased trade relations with businesses in Saudi Arabia.
Kashefi said ICCIMA’s initiative to set up the Iran-Saudi Arabia Joint Chamber of Commerce will be a major step toward the advancement of economic cooperation plans between the two countries.
Top security officials from Iran and Saudi Arabia reached an agreement in the Chinese capital Beijing in early March to restore diplomatic relations between the two countries after seven years. The agreement stipulated that Iran and Saudi Arabia will reopen their embassies within two months to allow a full normalization of ties.
Kashefi said Tehran and Riyadh are keen to raise their trade relations to levels not seen even before they cut diplomatic ties in 2016.
“We also have plans to start exchanging trade delegations right after the reopening of embassies and after the ambassadors of the two countries start their work,” he said.
The businessman said Tehran and Riyadh have a major potential to boost their trade exchanges in the fields of oil, gas and petrochemicals.
He said annual trade between the two countries could easily reach up to $3 billion within the next few years.
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