Iran Likely to Boost Trade Relations with Oman; May Boost Steel Exports

Iran one of the largest steel exporter in MENA is currently facing sanctions from US, owing to which the nation has witnessed a sizable amount of downfall in exports during last few months. Many of the trade allies of Iran has suspended their business with Iran, upon that, the secondary sanctions on Iran is likely to impose on 04 Nov'18, which will further bring down the export as it will affect banking, insurance and shipping industry.

Many Iranian industry experts are working on the possible solution to counter sanctions and to do the business. Recently, the sixth meeting of the Committee of Iran-Oman Strategic Consultations was held at the Iranian Foreign Ministry.

Mr. Mohammad Farazmand, an assistant to Iran's foreign minister and the director general for Persian Gulf affairs at the Iranian Foreign Ministry and Mr. Sadeq al-Hessan, the deputy Omani foreign minister for political affairs met with each other and discussed about the future of bilateral trade among the nations.

In the meeting, the delegates from both the nation discussed key issues pertaining to bilateral relations as well as the latest regional developments. The Iranian and Omani diplomats highlighted the need to further enhance and develop mutual cooperation on different fronts as well as the need for authorities of both countries to continue their consultations. They also agreed on solutions to upgrade and expand reciprocal ties.

Iran and Oman Seek to Boost Bilateral Trade to USD 1 Bn.

Mr. Mohsen Zarrabi, Head of Iran-Oman Chamber of Commerce said that the trade between the two countries are expected to reach USD 1 billion by the end of this year. Iran and Oman has good economic relations in recent years due to extended bank cooperation between the two countries.

It is to be noted that Iran is one of the largest semi-finished steel exporter to Oman, the nation has exported around 0.75 MnT of semi-finished steel to Oman in CY'17. During the current CY'18(Jan-Sep), Iran has already exported 0.76 MnT to Oman.

Iran is also one of the key exporter of finished flat steel to Oman, the nation has exported around 0.05 MnT steel to Oman in CY'17. During the current CY'18 (Jan- Sep), Iran has exported around 0.11 MnT steel to Oman.

Inputs taken from Iran Daily