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FINANCIAL NEWS
UAE- Iran bilateral trade hits USD25b in 2011
09 Aug 2012
(MENAFN) Iranian Ambassador to UAE, Mohammad Reza Fayyad, stated that last year, trade between his country and the UAE reached USD25 billion, reported Tehran Times.
Fayyad said that during the period, re-exports reached USD8.7 billion.
However, the Western sanctions imposed against the Islamic Republic affected cooperation between the two countries, especially that the US, Canada, and several EU countries prohibited any business dealings with Iran’s banks, including the central bank.
It is worth noting that the UAE and Iran plan to boost bilateral trade ties in order to raise trade earnings.
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