The 5th session of the Saudi-Iranian Joint Commission commenced here today under the co-chairmanship of the Minister of Commerce, Osama Faqih, and the Iranian Minister of Trade, Mohammed Shariat-Madari.
Addressing the inaugural session of the two-day meeting, Faqih said that the year 2001 witnessed a significant increase in the volume of trade exchanged between the Kingdom of Saudi Arabia and Iran, from SR498 million to SR932 million-worth.
Faqih emphasised the important role that could be played by commercial exhibitions to promote trade exchange between the two countries He highlighted current cooperation between the Saudi Program for Development and Financing of Exports and the Iranian Fund for Exports.
Faqih noted that the Saudi Fund for Development (SFD) is currently consulting with Iranian banks to explore aspects of cooperation in the field of financing foreign trade transactions and exports, and to exchange data and expertise in the field of management techniques and banking operations.
He expressed his hope that the shipping agreement between the two countries would be concluded in the near future.
Faqih urged Saudi and Iranian businessmen to benefit from potential investment opportunities, and to work to boost trade exchange and implement joint projects. “We hope that the meetings of the Joint Saudi-Iranian Commission will yield positive results,” he said.
For his part, Sharait-Madari underscored the importance of unifying the Muslim nation, and praised current Saudi-Iranian relations. He welcomed the measures implemented by Gulf Cooperation Council (GCC) member states in the field of customs tariffs.
Citing the achievements attained by Iran in reforming its commercial system, he said that a number of projects have been implemented at a total cost of $8 billion. He added that taxes and tariffs have been reduced by 40% in the country, and that a new law for foreign investment has been promulgated.
He noted that arrangements have been made to unify the foreign currency rates, to remove some economic restrictions, and to open semi-privatised banks in duty-free zones.
Shariat-Madari called for cooperation in the oil and gas sector, and for the establishment of joint companies to operate in this field.
Source: SPA
