Iran resumes exports to Saudi Arabia after one-year hiatus

Iran and Saudi Arabia have resumed trade after a year of zero exchanges, the Islamic Republic of Iran Customs Administration (IRICA) says.

A report of Iran’s six-month trade with neighboring countries released by IRICA spokesman Rouhollah Latifi put Saudi Arabia on the list of export destinations.

According to the official, trade between the two countries reached zero in the last Iranian fiscal year ending on 20 March 2021 after years of decline.

In remarks published by the Financial Times on Friday, Saudi Foreign Minister Prince Faisal bin Farhan Al Saud signaled his country’s desire to repair relations with Iran, saying the kingdom is “serious” about talks with the Islamic Republic.

The two Middle East heavyweights have held four rounds of talks since April, including a first meeting last month with the government of new President Ebrahim Raeisi.

“We are serious about the talks,” he said, describing the negotiations as “exploratory” but “cordial”.

“For us it’s not that big a shift. We’ve always said we want to find a way to stabilize the region,” he said.

Last week, deputy minister of Export Development of the Trade Development Organization Farhad Nouri said Iran was ready to resume exports to Saudi Arabia if tensions eased between the two neighbors.

 

Source: Press TV