Monday, June 24, 2024

Minister: Iran and Saudi Arabia resume trade ties

Iran’s minister of industry, mines and trade says Tehran and Riyadh have started their trade ties after their recent agreement to normalize relations, adding the two neighbors have kicked off trade exchanges.

Seyyed Reza Fatemi Amin said following the restoration of ties with Saudi Arabia, Iran is planning on exports of goods to the kingdom.

He however noted that this requires a detailed explanation, but with the start of trade between Iran and Saudi Arabia, the ministry of industry, mine and trade has started the process of exporting goods to the kingdom.

The two countries signed a rapprochement deal several weeks ago after extensive talks mediated by China.

Saudi Arabia cut ties with Iran in 2016 after its embassy in Tehran was attacked by protesters following the execution of a Shia Muslim cleric in the kingdom.

Under their normalization agreement, Iran and Saudi Arabia have agreed to respect each other’s sovereignty and avoid any move that would undermine it.

Iran and Saudi Arabia are expected to reopen their embassies before the Hajj season in June.

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