Iran, Oman to Ease Financial Transactions

“Easing exchanges between Iran and Oman will the be key to development of trade relations between the two countries,” Hemmati said in a meeting with Oman’s trade minister.

The CBI governor noted that Iran will study launching more flights and shipping lines to Oman in a bid to help to further development of trade relations.

Oman’s trade minister, for his part, stressed that Muscat will not spare efforts to further develop relation with Iran.

Hemmati made the remark in a meeting with Oman trade minister who stressed that Muscat doesn’t spare any efforts to further develop relations with Iran.

Last month, Head of Iran-Oman Chamber of Commerce Mohsen Zarrabi said that the volume of Iran's annual exports to Oman has skyrocketed from $146 to $728 million in the past year which indicates a fivefold jump, hailing the rise also in the volume of imports from the Arab country.

In a meeting with Omani Ambassador to Tehran Saud bin Ahmad Khalid al-Barwani on November 12, Zarrabi said that the economic interactions between Iran-Oman joint chambers are expected to increase, citing that Iran’s exports to Oman stood at $146 million in the Iranian year of 1396 (March 21, 2017-March 20, 2018) but the figure increased up to $728 million in the Iranian year of 1397 (March 21, 2018-March 20, 2019).

He went on to say that Iran's imports from Oman has also reached $433 million resulting in increasing of trade volume to $1.1 billion.

Thanks to its good political relations with various countries, having free trade agreement with them and its membership in World Trade Organization, Oman can be a good target for exporting Iranian products to various markets in the world, Zarrabi noted.

He reiterated that the best way for entering into Oman's market is to attend eight exhibitions which have been established through Omani government's efforts.

The Omani envoy, for his part, said, “Omani officials seek expansion of economic ties with Iran.”

“It is vital for delegations from both countries to attend Iran-Oman joint economic summit to prepare the ground for development of mutual economic relations,” he added.

Late in October, Tehran and Masqat announced that they are eager to boost their trade ties up to $1bln.

"The volume of trade exchanges between the two countries are expected raise to $1bln by the end of this year," Head of Iran-Oman joint chamber of commerce Mohsen Zarrabi told FNA on October 28.

He also added that the volume of Iran's exports to Oman had increased by 57% in the first six months of the Iranian year of 1397 (March 21, 2018- August 20, 2019) compared with the corresponding period in 2017.

Zarrabi said that imports of goods from Oman to Iran have also shown a 264% increase in the past six months of the current year.

Iran and Oman have had good economic relations from old times and the ties have even expanded in recent years due to extended bank cooperation between the two countries.