UAE, Iran aim to expand trade relations

Business Materials 6 August 2012 14:11

Azerbaijan, Baku, Aug.6 /Trend A.Taghiyeva/

Foreign trade turnover between the UAE and Iran totaled $25 billion in 2011, Iranian Ambassador to UAE Mohammad Reza Fayyad told Al-Jazeera on Monday.

The Ambassador noted that the country will expand trade relations and increase trade turnover.

Fayyad noted that reexport between the countries amounted to $8.7 billion in 2011.

Earlier, the UAE Minister of Economy Sultan Bin Saeed Al Mansouri said the sanctions imposed against Iran, affected both the cooperation between the UAE and Iran and the economy of the UAE itself.

In late 2011, a number of countries, including the U.S., Canada, UK and other EU countries introduced a ban on any transactions with Iranian banks, including the Central Bank.

U.S. and other Western countries accuse Iran of developing nuclear weapons under the guise of peaceful nuclear program. Tehran denies the charges, saying its nuclear program is aimed at meeting the country's electricity needs.