Economy, Business And Markets
0

Qatar, Oman Becoming Iran's New Trade Gateways

Web and Social Media
Qatar, Oman Becoming Iran's New Trade GatewaysQatar, Oman Becoming Iran's New Trade Gateways
The UAE acted as Iran’s unofficial backdoor over the years Iran was under international sanctions because of its nuclear program, while distribution and supply chain channels are already carved out in these markets

Iran is working to curb its trade ties with the UAE, replacing its traditional hub for trade activities, Dubai, with Doha in Qatar and Muscat in Oman. 
The measure has been pursued for a long time now, but the recent tensions in political relations between Iran and the UAE, along with the Persian Gulf state’s pressure on Iranian traders, mostly over value-added tax, visa issuance and banking restrictions, have made Iranian officials to pursue the plan more seriously. 
Earlier this month, the Central Bank of Iran’s deputy for international affairs referred to several obstacles created by Emirati banks for Iranian merchants, saying Iran is seeking other alternatives in the Persian Gulf region to replace the UAE in its banking transactions with Iran.
"The political stance espoused by the UAE is in opposition to Iran and bilateral relations are currently at a low ebb," Hossein Yaqoubi was also quoted as saying. 

Premium

Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment

Financialtribune.com