Iran, UAE Underline Further Expansion of Economic Cooperation

TEHRAN,April 27(FNA)- Iranian and UAE officials stressed the necessity for a further boost in economic and trade cooperation between the two Persian Gulf states.
The issue was raised in a meeting between Iranian Ambassador to Abu Dhabi Mohammad Reza Fayyaz and Ruler of Umm al-Qaiwain Sheikh Saud bin Rashid al-Mua'lla, during which the Iranian diplomat called for the development of ties between the two countries.

"Given the neighboring borders and the commonalities of the two countries, Iran and the UAE's Umm al-Qaiwain can cooperate in industrial, auto-making, steel, cement, food, sanitary accessories and packaging industries and also in agricultural fields," Fayyaz said at the meeting on Tuesday.

Mua'lla, for his part, reiterated that there are no obstacles to the further expansion of relations between the two sides, and welcomed the Iranian diplomat's proposals for mutual cooperation and joint investment.

Tehran has in recent years stepped up its efforts to boost ties and cooperation with the neighboring states, the Persian Gulf littoral states in particular.

Iran is a significant trade partner for the UAE, with trade volume between Iran and the emirate of Dubai alone estimated at about $10 billion a year.

The United Arab Emirates' Foreign Minister Abdallah bin Zayid Al Nuhayyan in a phone conversation with his Iranian counterpart Ali Akbar Salehi in December called for the further promotion and deepening of relations and bolstering of cooperation between the two Persian Gulf littoral states.

The two sides also expressed the hope to discuss the latest conditions in Iran-UAE ties in a meeting in the near future.