Iran exported $415 million worth of goods to its southern neighbor Oman during the first four months of the current Iranian year (March 21-July 22), registering a 124% rise compared with the similar period of last year, according to the head of the Trade Promotion Organization of Iran.
“Trade with Oman registered an 80% rise during the period. We have set the goal of increasing bilateral trade with our neighboring countries, Oman in particular,” Alireza Peymanpak was also quoted as saying by Fars News Agency, without referring to the trade volume.
Iran-Oman trade stood at $1.33 billion in the last Iranian year (March 2021-22), indicating a 53% rise compared with the year before. The figure marked a 20-year high, according to the chairman of Iran-Oman Chamber of Commerce.
“Iran’s exports hit $716 million, registering a 64% year-on-year growth,” Mohsen Zarrabi was also quoted as saying by the news portal of Iran Chamber of Commerce, Industries, Mines and Agriculture.
According to the official, the two countries’ joint chamber of commerce was founded in the fiscal 2013-14.
“At the time, bilateral trade amounted to only $221 million,” he added.
Zarrabi noted that Oman is an ideal platform from which Iran can reexport its products.
“Due to the location of Omani ports and the fact that the country is free from any sanctions, we can export our products to this Persian Gulf littoral state for reexport to European and North American countries. Oman has free trade agreements in place with 16 Arab and African countries, four European countries, namely Switzerland, Norway, Sweden and Liechtenstein, as well as with the US and Singapore, which can be of great help to Iranian exports,” he said.
Iran's President Ebrahim Raisi visited Oman in May and the two countries signed a string of trade deals.
Raisi, on his second Persian Gulf visit since taking office in August, was greeted by Sultan Haitham bin Tareq at the airport and received a 21-gun salute at the royal palace, an Omani statement said.
The one-day trip came at a time when renewed talks on restoring a 2015 nuclear deal are at a stalemate. Oman played a mediating role between Tehran and Washington in the build-up to the original agreement.
*** Trade Exchanges to Improve
The countries signed eight memoranda of understanding during the visit, including in the fields of oil and gas, transport, education, trade and investment, reported the official Oman News Agency.
"Trade exchanges between the two countries of Oman and Iran will improve definitely," Raisi said before departure, according to Iran's state news agency IRNA.
"Both countries are determined to upgrade the level of political and economic ties," he added.
A delegation of 50 Iranian businessmen travelled to Oman in June, IRNA reported, adding that Iran's minister for roads and urban development has announced plans for a joint shipping line and tourist flights.
Oman is also seeking to import gas from Iran by building an offshore pipeline between the two countries that are exploring the development of joint gas fields offshore.
The sultanate, which faces Iran across the Sea of Oman, endured economic pain during the pandemic, with its GDP dropping by 6.4% in 2020 and government debt soaring. It saw rare protests over high unemployment and layoffs last year.
Two Iranian airline, namely the flag carrier IranAir and Karun, recently received permits from the Oman Civil Aviation Authority to launch direct flights to the sultanate. It’s been 18 years since Iranian airlines operated flights to Oman.
The new flights will have Tehran and Shiraz as their departure and the Omani capital Muscat as destination, IRNA reported.
Until now, Qatar Airways and Turkish Airlines operated passenger flights between Iran and Oman.
Oman facilitated Iranians’ travel to the sultanate in December by relaxing entry conditions for stays of up to 14 days. It has also reduced visa fees for travelers from more than 100 countries, including Iran, the United States, the UK, Australia, China and India.
Oman Airlines has been operating two flights a week, one flight to Tehran and one flight to Shiraz since January 21.
