Iran-Saudi Arabia to boost economic co-op

During a meeting between Iran’s Finance and Economic Affairs Minister Ehsan Khandouzi and Saudi Arabia’s Finance Minister Mohammed Al-Jadaan, the two sides discussed the ways to expand economic cooperation and remove the barriers in the way of trade between the two countries.

In the meeting, which was held on the sidelines of the annual meeting of the board of executive directors of the Islamic Development Bank (IsDB) in Jeddah, the Saudi Arabian minister expressed satisfaction with the re-establishment of relations between Iran and Saudi Arabia and said, “We hope that quick steps will be taken in relations with Iran.”

“In this regard, it is necessary to remove the economic and trade barriers against the two countries”, he stressed.

Referring to the great opportunities for interaction and cooperation between the two countries, Al-Jadaan expressed hope that he will soon meet the Iranian finance and economic affairs minister in Riyadh.

The Iranian minister welcomed the progress of economic relations between the two countries and stated that the development of relations is important not only for Iran and Saudi Arabia but also for all countries in the region.

Khandouzi said these bilateral relations are very important not only from an economic point of view but also in the political and security fields.

Explaining Iran's program in the field of economic relations with Saudi Arabia, Khandouzi said, “At the government level, Iran and Saudi Arabia have not finalized any basic agreement in the field of investment, customs, and trade. In this regard, it is necessary to draw up and sign MoUs between the parties.”

The Saudi Arabian side, while agreeing to cooperate in the three fields of customs, trade, and investment, expressed hope that with the assistance of his country’s ministries, cooperation in the mentioned fields will be followed up.