Iran, Oman Agree to Ink MoU on JV, PTA: Economy Minister

Officials from Iran and Oman reached an agreement to boost their trade and economic relations by signing a Preferential Trade Agreement (PTA).

Iranian Minister of Economic Affairs and Finance Seyed Ehsan Khandouzi and Omani Minister of Commerce, Industry and Investment Promotion Qais bin Mohammad Al Yousef on Monday agreed to sign a memorandum of understanding (MoU) in the field of joint investment and PTA.

Khandouzi pointed to $2 billion worth of annual bilateral trade and said that the two countries enjoy a high potential to further boost their bilateral trade.

In response to a proposal of the Omani minister for signing a PTA, he said that the Iranian ministry of economy agrees with launching a PTA between the two countries and this issue will certainly be raised at the Cabinet of Ministers.

The Omani minister, for his turn, pointed to the participation of a 200-member delegation comprising Omani traders and merchants in the Iran Expo 2023, and said that the presence of Omani businesspersons in Iran is an indicator of the serious determination of the Sultanate of Oman for broadening its relations with Iran in trade and economic fields.

Turning to the negotiations of representatives of the Omani private sector with Iran Khodro Industrial Group (IKCO) for setting up a sales agency of the company in Oman, Qais bin Mohammad Al Yousef said, “Given the eye-catching progress and high potential of Iranian companies, Oman is interested in setting up a sales agency of IKCO in Oman for exporting its products to Oman and neighboring states.”

News Code 195270

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