Economic cooperation between Saudi Arabia and Iran

Saudi minister of commerce Osama Bin Jaafar Faqih on Sunday in Riyadh discussed with Iran's secretary of the minister of finance and national economy as well as the director of the Iranian customs Mahdi Karbesyan means of developing trade and economic cooperation to increase trade exchange volume and joint projects between the two countries.

The two sides also discussed several issues relating to preparations for the meetings of the joint Iranian- Saudi committee in its third session.

Karbesyan underlined the importance of increasing cooperation between the two countries in various fields especially in the area of trade exchange.

Worthy mentioning the volume of trade exchange between the two countries in 1999 was 258.5 million Saudi Riyals.