Iran, UAE Play Key Role in INSTC: Minister

Iran and the United Arab Emirates have an outstanding role in the International North-South Transport Corridor (INSTC), Iran’s minister of roads and urban development said.

News ID: ۸۴۰۱۵۸

01 May 2024

EghtesadOnline: Mehrdad Bazrpash, who is in Abu Dhabi to participate in Iran-UAE Joint Economic Cooperation Commission, hailed the holding of the meeting after 10 years.

He also hoped that the commission would help enhance trade and economic ties between the two countries.

The foreign policy of Iran is based on the development of relations with the neighboring states, the minister said, noting that the UAE has a special place in this respect.

He then pointed to the annual volume of the trade exchanges between Iran and UAE, which stands at more than $27 billion, saying the fact that the Arab country is Iran’s second biggest trade partner shows that the UAE is a strategic partner for Iran.

Bazrpash noted that access to the lucrative markets of Russia, the Central Asian states and the southern markets can be a very good opportunity for the development of the transit relations between Iran and the UAE.

The capabilities of the Iranian knowledge-based companies in modern technologies, especially the artificial intelligence (AI), can pave the ground for closer cooperation between the two neighbors, Iran's roads minister added. / Tasnim