BAKU, Azerbaijan, April 13. The value of trade turnover between Iran and Saudi Arabia may exceed $800 million a year, a member of the international and foreign trade committee of the House of Industry, Mine and Trade of Iran Rouhollah Latifi said on social media, Trend reports.
“If a joint chamber of commerce is established between Iran and Saudi Arabia, and the relations in various fields are normalized by the governments of the two countries, it will be possible to reach the mentioned figure,” Latifi said.
The official added that progress was made in discussions regarding the normalization of relations between Iran and Saudi Arabia during the past 3 months. And as a result, steel trade worth more than $14 million was carried out between the two countries.
According to him, with the establishment of trade relations between Iran and Saudi Arabia, a new transit corridor can be created to meet mutual needs.
“Through the mentioned transit corridor, it will be possible to transport goods from the Persian Gulf to the countries of Central Asia, the Caucasus, and Eastern Europe and in the opposite direction. At the same time, it will allow Iran to easier access to Africa and Europe through the Red Sea,” Latifi noted.
Reportedly, diplomatic relations between Iran and Saudi Arabia were severed in 2015 due to a series of disputes. On March 10, 2023, Iran and Saudi Arabia agreed to restore diplomatic relations in China.