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Iran, Saudi Arabia Stress Need for Signing investment, Customs, Trade Agreements

Iranian Minister of Economic Affairs and Finance, Ehsan Khandozi met with Mohammed Al-Jadaan, Minister of Finance of Saudi Arabia at the sideline of 2023 annual meeting of Islamic Development Bank.

Showing satisfaction with the resumption of ties between Tehran and Riyadh, the Saudi official said that his country hopes for “fast steps” in the bilateral relations, stressing the importance of doing away with economic and trade obstacles in the way.

Al-Jadaan also pointed out the great opportunities for cooperation between the two nations and expressed hope to host his Iranian counterpart in Riyadh.

“Developing the ties between the two countries is of great importance not only for Tehran and Riyadh, but also for all the countries in the region,” said Ehsan Khandozi.

Pointing to the fact that Iran and Saudi Arabia have not signed any agreements in the areas of investment, customs and trade, the Iranian minister said that it is necessary for both parties to arrange and sign mutual tripartite agreements.

He also suggested that the private companies of the two countries hold meetings in the next three months to explore trade and investment possibilities and recognize areas of mutual cooperation.

Al-Jadaan expressed hope that he would follow up topics of mutual cooperation between the two countries with the help of concerned ministries in Saudi Arabia.

Noting that the talks between the two countries are the reflection of Tehran’s will to develop ties with Riyadh, he said, “Economic ties between Iran and Saudi Arabia need wide networking, which calls for a clear mechanism for bank transactions and making use of various methods to achieve trade cooperation.

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