Head of Iran-Oman Chamber of Commerce Mohsen Zarrabi told Fars News Agency that trade between the two countries are expected to reach $1 billion by the end of this year.
He added that Iran's exports to Oman has increased 57 percent in the six months from March 21 compared to the figure for the same period last year.
Zarrabi said that Iran's imports from Oman have also shown a 264-percent growth in the six months to September 22 against the figure for the same duration in 2017.
Iran and Oman have long had good economic relations and ties have even expanded in recent years due to extended bank cooperation between the two countries.
Oman's Minister of Commerce and Industry Ali bin Masoud al-Sunaidy said earlier this month that the removal of visa requirements for Omani citizens visiting Iran would boost commercial relations between the two countries.
The minister made the remarks in Omani capital city of Muscat in a meeting with Iran's Ambassador Mohammadreza Nouri Shahroudi.
The Iranian government announced on September 17 that Omani citizens can travel to Iran without visa.