Iran Eyes $1 Billion Annual Trade With Saudi Arabia: Khandouzi

The Iranian minister of economic affairs and finance on Tuesday said Tehran aims to raise annual trade with Riyadh to $1 billion in the first step of resuming economic ties.
Speaking at a press conference in Tehran, Ehsan Khandouzi added that the target was set by the Trade Promotion Organization of Iran (TPO) and is based on the two countries' capacities, IRIB News reported.
The minister said over the past few days, TPO has been preparing a roadmap for developing economic relations with Saudi Arabia, stressing that it will be finalized soon.
Khandouzi said given that Iran and Saudi Arabia are both seriously determined to resume bilateral interaction and cooperation, the launch of the joint chamber of commerce is on the agenda, IRNA reported.
He stressed that the two countries have held a total of seven meetings of the joint economic commission and exchanged 20 trade and cooperation documents.
The Iranian minister said the two countries have had no bilateral trade in some years, but last Iranian year, amid the two countries' efforts to ease tensions, the value of Iranian exports to the kingdom reached $15 million.
Khandouzi also noted that he will take a trip to Saudi Arabia in the coming weeks.
China, Saudi Arabia and Iran announced on March 10 that the latter two had reached a deal that includes the agreement to resume diplomatic relations and reopen embassies and missions within two months.
In a meeting in Beijing last week, Iranian Foreign Minister Hossein Amir-Abdollahian and his Saudi counterpart Prince Faisal bin Farhan Al Saud signed a joint statement, announcing the resumption of diplomatic relations with immediate effect.
Saudi Arabia cut diplomatic ties with Iran in 2016 in response to the attacks on Saudi diplomatic missions in Iran after the kingdom executed a Shia cleric, Xinhua reported.
Iran's Embassy in Saudi Arabia reopened its gates on Wednesday for the first time in seven years, a Reuters witness said.
The heavy gates of the Iranian Embassy's compound were open in Riyadh with a team inspecting its premises, a Reuters reporter said. A white truck was seen arriving at the gate.
The diplomatic mission opened hours after the Iranian Foreign Ministry said a technical delegation arrived in the kingdom.
"The Iranian delegation will take the necessary measures in Riyadh and Jeddah to set up the embassy and consulate," Iranian Foreign Ministry Spokesman Nasser Kanani said in a statement.

Joint Chamber of Commerce

Iran and Saudi Arabia will soon establish a joint chamber of commerce, said a member of Iran Chamber of Commerce’s Board of Directors, Keyvan Kashefi, recently.
Describing the recent normalization of Tehran-Riyadh diplomatic ties as “the main econo-political” breakthrough for Iran during the past month, he said, “The [Iranian] private sector welcomes this constructive and positive interaction,” the news portal of Iran Chamber of Commerce reported.
He noted that financial markets’ return to stability was one of the main results of the normalization, saying the breakthrough shows how correct political decision- making can positively impact the national economy.
He added that Tehran-Riyadh political and economic cooperation paves the way for regional stability.
Noting that Saudi Arabia is one of the rare countries in the region with which Iran has yet to form a joint chamber of commerce, Kashefi said the private sector has already taken measures to establish business ties with Saudi Arabia. 
“Soon after the reopening of embassies, we plan to exchange commercial delegations with the Saudi side,” he added.
According to the official, the Saudi market can provide great opportunities for Iran, as traders of the two sides have yet to unlock the full potential of bilateral commerce.
There are vast areas for cooperation in oil, gas, petrochemicals and knowledge-based sectors between the two countries, he concluded.

Riyadh Could Invest in Iran 'Very Quickly’

Saudi Arabia's Finance Minister Mohammed Al-Jadaan says Saudi investments into Iran could happen "very quickly" following an agreement to restore diplomatic ties.
"There are a lot of opportunities for Saudi investments in Iran. We don't see impediments as long as the terms of any agreement would be respected," Al-Jadaan said during the Financial Sector Conference in Riyadh, Reuters reported.
Al Jadaan added: "We have no reason not to invest in Iran and we have no reason not to allow them to invest in Saudi Arabia. It is in our interest to make sure that both nations benefit from each other's resources and competitive advantage.
"If they [Iran] are willing to go through this process, then we are more than willing to go through this process and show them they are welcome and we would be more than happy to participate in their development.”

Iran’s Exports to Saudi Arabia Gain Momentum

Following political negotiations between Iran and Saudi Arabia, it seems that the ground has been prepared for resumption of bilateral trade between the two neighboring countries, a customs expert, Rouhollah Latifi, wrote for the Persian daily Ta’adol earlier in January.
According to the former spokesman of the Islamic Republic of Iran Customs Administration, a total of 30,791 tons of goods worth $14.71 million were exported from Iran to Saudi Arabia from the beginning of last Iranian year (March 21, 2022) to Nov. 21, which is considered a significant jump after the suspension of political relations between the two sides in recent years.
“Iran’s exports to Saudi Arabia stood at less than $42,000 in the fiscal 2021-22. The figure reached $377,309 in the first eight months of last Iranian year [March 21-Nov. 21, 2022], but in the last 40 days, with the export of 30,015 tons of steel ingots worth $14.2 million and 60 tons of seedless grapes worth $126,000, Iran’s total exports reached $14.71 million.”
Latifi noted that Iran’s exports to Saudi Arabia from March 21 to Dec. 31 stood at $15 million, of which 96.5% were iron and steel ingots.
Other exports during the period include sodium hydroxide with 340 tons worth $185,300, truck’s body with 86 tons worth $155,376, glass beads with 265 tons worth $33,000 and marble with 25 tons worth $3,731.