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UAE signs MOU with Iran
19 Apr 2014
It was reported this week that the United Arab Emirates has made moves in cementing political and business relations with Iran which are expected to progress trade in the future. An MOU (Memorandum of Understanding) was signed this week by the UAE in Tehran in order to establish a joint business council.
Previous trade and business relationships
Since sanctions by western powers in November 2013, traders in the Middle East have been eager to trigger new and effective business relationships in Iran. The trade corridor used to be highly prolific pre – sanctions and statistics suggest that it could easily have been valued at $12 billion. In 2012 trading between the two countries fell by one third. Although the lifting of sanctions has so far increased the easy flow of trade there are still doubts from business traders - fear of flouting existing sanctions are dissuading many UAE traders and private business owners from creating positive trade with Iran. However the new MOU signed this is week will have clear reverberations and allow private companies to feel more confident in exploring future Iranian trading.
The meeting, which was signed on Tuesday in the presence of Iranian Foreign Minister Mohammad Javad Zarif and his UAE minister Sheikh Abdullah bin Zayed Al Nahyan, was also attended by representatives of the public and private sectors of the country.
A wide variety of trading possible
Sheikh Abdullah bin Zayed Al Nahyan commented on how the Iran and the UAE had strong relationships that go back many years in history. He said "No doubt that there is a chance for the private sector of both sides for mutual investment once obstacles put into force by the commitment of international decisions are removed, providing frameworks and agreements upon which the commission shall start work immediately, and this will not be only limited to the fields of energy, food and pharmaceutical industries, as there are wider fields we can utilize, for example, financial services and energy. There are many ways for interchanging experiences between our countries, such as in the manufacturing, infrastructure, health-care and other fields.”
He also focused on the need to facilitate an effect process of trade which took into account financial, economic and legislative factors, which in turn would lead to increased trade between the two countries. He reiterated that the partnership that the two nations had enjoyed in the past could be raised again, and the trade base that was possible now could make up for any losses over the last few years.
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