Iran-UAE trade reaches more than $1.b in 5 months
The head of the Iran-United Arab Emirates (UAE) Joint Chamber of Commerce revealed that the value of trade between the two countries surmounted $1 billion in the first five months of the Iranian calendar which runs from 21 March to 22 August.
Within those five months, Iran’s export to the UAE totalled $380 million and imports at $1.07 billion with the previous year - ending on 20 March - standing at $14.2 billion, reported Iran's Trade Promotion Organization (TPO).
Farshid Farzanegan, Chairman of Iran-UAE joint Chamber of Commerce said, "as per agreements and forecasts, the volume of trade between the two countries will reach $20 billion by the end of the fiscal year 2021-22."
He went on to add: “Iran’s agricultural and food exports to the UAE was the least impacted by sanctions and the spread of coronavirus."
The UAE is the biggest exporter to Iran and the third largest destination of Iranian exports, with 8,000 Iranian companies registered in the UAE.
Although the UAE and Iran maintain diplomatic relations, they have previously stood on opposite sides on regional issues, including normalising relations with Israel where the UAE formalised ties last year in a move denounced by Tehran.
The UAE has also been accused of violating US sanctions against Iran by secretly approving sales of Iranian oil.
In a 2019 report by The Wall Street Journal, tactics included the use of cash payments to avoid paper trails and relabeling the product origin so that the connection between the two countries is erased.