The value of trade between Iran and the United Arab Emirate (UAE) is expected to reach $20 billion by the end of the current Iranian calendar year (ends March 2022), according to the head of the Iran-UAE Joint Chamber of Commerce.
“Based on the agreements between the two countries and economic forecasts, bilateral trade will reach $20 billion by the end of the current [Iranian calendar] year,” Farshid Farzanegan said.
Speaking at the unveiling ceremony of a UAE Business Guide booklet in Tehran, Farzanegan put the Iran-UAE’s current trade at about $15 billion, saying both sides are seeking to increase trade to $30 billion by 2025.
"Gold, diamonds, and metals such as aluminum, copper, and steel are among the UAE's largest trading items," he said. “Iran has always been one of the UAE's main suppliers of metallic raw materials, although the trade of such products between the two sides has declined due to the sanctions.”
The UAE imports $260 billion of various products a year and is known as a trade hub in the region.
He further noted that the export of agricultural products and foodstuff to the UAE suffered the least damage from the sanctions and the coronavirus pandemic.
The UAE is Iran's top trading partner in terms of imports and the country’s third-largest export partner, indicating that many Iranian companies have put trade with the UAE on the agenda, Farzanegan said.