Iran Urges UAE to Address Bilateral Trade Obstacles

EghtesadOnline: Head of Abadan Chamber of Commerce Masoud Khayyatzadeh held talks with Emirati private businesses in Dubai on Tuesday to address hurdles facing Iranian exporters to the UAE.

News ID: ۷۸۲۰۶۶

14 March 2018

“Stopping Iranian vessels miles away from Emirati ports or delaying the loading are obstacles imposed on Iranian traders in the UAE, which is not acceptable … Emirati businesses have agreed to hold negotiations with the Iranian government to remove these barriers,” the Iranian official was quoted as saying by the chamber’s website.

“Close commercial relations require closer collaboration from both sides,” he said, adding that it is not possible to boost bilateral trade when one side causes problem for the other.

The above-mentioned issues, along with restrictions on Iranian bank accounts, imposition of value added tax on transactions and delays in issuing visas for traders have raised the ire of Iranian traders in the UAE, giving them second thoughts on using Dubai as a trade hub, according to Financial Tribune.

Some traders have already started shifting their activities from the UAE to Qatar and Oman.

The latest data released by the Islamic Republic of Iran Customs Administration show that trade between Iran and UAE increased by 9.2% during the 10 months to Jan. 21 to reach $12.9 billion. Iran’s non-oil exports to the UAE experienced a $1.2-billion drop (18.9%) year-on-year to reach $5.13 billion.