Wednesday, May 29, 2024

Report: Iranian private sector’s constructive initiative to begin economic ties with Saudi Arabia

Head of Iran’s Chamber of Commerce, Industries and Mines has reportedly sent a letter to the chairman of the Federation of Saudi Chambers of Commerce, declaring the full readiness of the Iranian private sector to exchange commercial and economic delegations in areas of mutual interest and to hold joint trade exhibitions.

Nour News, a media outlet affiliated with Iran’s Supreme National Security Council, hss quoted Gholamhossein Shafei as saying an effort to speed up this process will be effective in the growth of bilateral economic relations.

He added that a visit by the economic delegation of Iran’s private sector to Saudi Arabia and planning by the economic institutions of both countries’ private sectors  to develop trade cooperation can significantly speed up the realization of the will of the Iranian and Saudi government for normalization outside of the formalities of government relations.

Shafei further expressed pleasure with Riyadh and Tehran’s decision to restore their relations.

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.

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