Iran-UAE Economic Commission Reconvenes After a Decade
The Iranian Labour News Agency has announced that a significant joint economic commission between the United Arab Emirates and Iran will take place in Abu Dhabi this Tuesday and Wednesday. This marks the first assembly in 10 years aimed at enhancing bilateral economic cooperation amid heightened tensions with the US.
The meeting will see participation from key figures including Iran’s Roads and Urban Development Minister Mehdi Bazrpash and Emirati Economy Minister Abdulla Bin Touq Al Marri. The discussions are set to focus on bolstering international trade corridors and exploring avenues for increased trade and investment by representatives from the private sector.
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This economic dialogue comes as a continuation of warming ties between the two nations, following years of strained relations due to geopolitical conflicts. Relations between Iran and the UAE saw a downturn in 2016 when the UAE downgraded its diplomatic ties with Iran after Riyadh cut off relations following the storming of the Saudi Embassy in Tehran.
Despite these tensions, the UAE and Iran have historically shared robust business and trade connections, with the emirate of Dubai often serving as a crucial link for Iran to the external world. The re-engagement efforts that began in 2019 have led to restored and upgraded diplomatic relations as of last year.
Economic ties are also significant, with Iran importing goods worth $20.8 billion from the UAE in the fiscal year ending in March 2024, making the UAE the largest source of imports for Iran. Additionally, the UAE ranks as the third top export destination for Iran, with exports valued at $6.6 billion.
