Economy

Volume of Iran-Oman trade increased by 100% in one year: Official

The head of the Iran-Oman Chamber of Commerce says the volume of trade between Tehran and Mascat has increased by 100% over the past year.

Jamal Razaghi told Tasnim news agency that the value of Iran-Oman trade exchanges reached $1 billion, up from around $600 million within a period of one year.

The two sides, he said, are working to bring the figure to $2 billion in the near future.

Razaghi attributed the growth in trade ties with Oman to a good level of political relations between the two countries.

The administration of President Ebrahim Raisi has placed neighborly cooperation high on its foreign policy agenda.

Iran’s economic cooperation with Persian Gulf Arab neighbors is expected to see a significant boost in the wake of a reconciliation deal with Saudi Arabia, which was announced earlier this month.

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