Saudi Arabia, Iran stress the need of developing bilateral trade relations

Saudi Arabia and Iran have stressed the need of developing bilateral trade relations and to provide necessary facilitation for imports measures in the two countries.

This was expressed in the joint minutes of meetings following the conclusion of the meetings of the third session of the joint Iranian- Saudi committee which started its works on Wednesday in al-Riyadh under the chairmanship of the Saudi commerce minister Osama faqih and the Iranian minister Muhammad Shareyat Madari.

The two sides agreed to form a council for the businessmen in the two countries and to encourage the private sector to join trade representation relations as well as to complete the project of naval agreement, implement the air transport agreement signed between the two sides and co-operation in the areas of quality and technical inspection certificates and regulations.

Worthy mentioning that the volume of trade exchange between the two countries witnessed in the year 2000 a recession in comparison with the figures of the previous five years. This volume did not exceed in 1999 a sum of 355 million Saudi riyals, representing a decrease of 30% over the figures of 1998.

Number of Saudi- Iranian joint projects reached 13 while capitals invested in it reached 1054.15 million Saudi riyals.

On the other hand, the Indian foreign minister Jaswant Sanj arrives today in al-Riyadh in a visit to Saudi Arabia which will last for three days at the invitation of the Saudi foreign minister prince Saud al-Faisal.

The Indian ambassador in al-Riyadh said that the visit of minister Sanj aims at strengthening relations and joint co-operation between the two countries in various areas.

He added that this visit which is considered the first of its kind since 10 years will include signing two agreements: the first on consultations between the two countries foreign ministries and the second is a security agreement to fight terrorism, drugs and crimes.

Sanj will also discuss the questions of the Indian labor force in Saudi Arabia of 1.5 million workers as well as to discuss international issues with the Saudi officials, foremost being the Middle east peace process.

Saudi Arabia, however, is considered the largest exporter to India in the area of oil and oil by products.

In the year 2000, the volume of trade exchange reached US $ 3.5 billion including US $ billion as Saudi oil exports to India.