Iran halts imports from UAE

TEHRAN, Dec. 21 (MNA) — As a punitive measure Iran temporarily stopped imports from the United Arab Emirates on Tuesday as the Arab state is allying with the West in its sanctions against Iran. The Iranian industry, mine and trade minister has ordered a temporary stop to the import register offers from the UAE. Iran’s ambassador to Abu Dhabi also confirmed a stop to import register offers from the UAE. Iran is the main destination of exports and re-exports from the UAE. It has gained some $12 billion income from exporting goods to Iran over the last eight months. Iran’s punitive action, if continues, will leave a serious negative impact on the UAE economy. Experts say the cut of trade relations will harm the UAE largely as the Arab state’s exports to Iran are four times greater than its imports from the Islamic Republic. According the statistics released by Iran’s Customs Administration, the value of trade ties between the two neighbors over the last eight months stood at around $15 billion, of which 12 billion dollars were the United Arab Emirates’ exports to Iran. The figure shows that a loss of Iran’s market would harm the UAE economy. Iran’s punitive measure against the UAE, although is said to be temporary, shows that the Islamic Republic has the capability to take pre-emptive steps against any hostile activities. It seems that Iran’s punitive step is a reaction to the recent moves by the UAE to cooperate with the U.S. and some European and Arab states on how to maintain stability in the global energy market if sanctions are imposed on Iran's oil exports and its central bank. Such an embargo would be the most direct economic confrontation between Iran and the West.