Muscat – The volume of trade between Oman and Iran touched a record high in the last Iranian fiscal year (ending March 20), the head of the Iran-Oman Joint Economic Committee has announced.

Mohsen Zarrabi put the annual trade between the two countries at US$1.336bn year, showing 53 per cent growth year-on-year.

He also stated that Iran’s export to Oman rose 63 per cent to US$716mn in the last fiscal year from US$438mn the previous year.

H E Ali Najafi, Iran’s ambassador to Oman, was also quoted by the Islamic Republic News Agency stating that Iran-Oman trade has hit a record high. Oman’s exports to Iran were valued at US$619mn.

According to H E Najafi, despite US sanctions and restrictions imposed due to the COVID-19 pandemic, trade with Oman experienced a substantial increase and officials of both countries were hopeful of further boosting bilateral trade.

He also noted that the sultanate ranked sixth among Iran’s neighbours and second among the GCC states for imports from Iran.

“Friendly and neighbourly ties between Iran and Oman have paved the way for evermore expansion of economic and business transactions,” he added.

Iran is looking to have an agreement with Oman to allow preferential trade, which will help enhance bilateral economic ties.

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