Arash Shahraini, a member of board of directors and technical deputy of Export Guarantee Fund of Iran, and Qais bin Mohamed bin Moosa Al-Yousef, chairman of Export Credit Guarantee Agency of Oman (known as Credit Oman), signed the memorandum of understanding on Tuesday.
The ceremony was attended by Iranian Minister of Industries, Mining and Trade Mohammad Shariatmadari and Omani Minister of Commerce and Industry Ali bin Masoud Al Sunaidy, IRNA reported.
According to Shahraini, the MoU will help boost trade between the two neighboring countries, Financial Tribune reported.
“By facilitating trade relations and mutual investments, the agreement could eliminate the need for the banking system [for trade transactions] and solve the ongoing problems related to issuance of export guarantees,” he said.
As per the Islamic Republic of Iran Customs Administration’s data, Iran exported 1.74 million tons of commodities worth $520.71 million to Oman last year, posting a 24.46% growth and a 4.28% decline in tonnage and value respectively year-on-year.
The exports mainly included direct reduced iron, semi-finished metal, steel products, low-density oils and related products.
Oman exported 256,936 tons of goods worth $215.92 million to Iran during the period, up 186% and 107.06% in tonnage and value respectively YOY. Iran mainly imported benzene, pharmaceutical supplements and vehicles from Oman last year.
The joint commission co-chaired by Shariatmadari and Al Sunaidy concluded on Tuesday.
During his stay in Muscat, the capital of Oman, Shariatmadari also met Sayyid Asaad bin Tariq Al Said, deputy prime minister for international cooperation, as well as the sultanate’s special representative and minister for financial affairs, Darwish bin Ismail Al Balushi. Shariatmadari was accompanied by a delegation of Iran’s private and public sector representatives. He also held talks with officials of the Omani Center for Investment Promotion & Export Development and Oman Chamber of Commerce and Industry.