News ID: 176348
Published: 0616 GMT January 24, 2017

Tehran-Muscat trade turnover rises to $1b in 2016

Tehran-Muscat trade turnover rises to $1b in 2016

Trade between Tehran and Muscat increased to $1 billion in 2016, said Omani minister of commerce and industry.

The Times of Oman quoted Ali bin Masoud al-Sunaidy as saying on Monday, "Trade between Oman and Iran exceeded $1 billion by the end of October last year. In 2015, it was nearly $560 million."

He made the remarks on the sidelines of 'Iran Solo Exhibition' at the Oman Convention and Exhibition Center in Muscat. Iranian Trade and Industry Minister Mohammadreza Nematzadeh also attended the event.

"We have seen the Iranian expo progressively bolstering trading relationship between the two countries. A further growth in trade between the Sultanate and Iran is expected this year," the Omani minister added.

Nematzadeh underscored the importance of enhanced ties between the two neighboring countries in all fields, noting, "This expo, which is better than the last two editions, is an indicator of the growing trading relationship between the two countries. We hope that there will be a good opportunity for people to visit Iran."

Organized by Iran's Embassy and the Trade Promotion Organization of Iran, the exhibition will continue until January 26.

Iran and Oman share age-old and close diplomatic, economic, and military ties. Sultan Qaboos played an important role in facilitating the early stages of nuclear talks between Iran and world powers, which led to the 2015 nuclear deal, also known as Joint Comprehensive Plan of Action (JCPOA), between Tehran and world powers.

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