Oman, Iran sign memorandum of understanding

Oman and Iran have announced that had signed a memorandum of understanding in the area of trade and commerce in conclusion of the meetings of the joint Iranian- Omani committee in Tehran. The two sides discussed prospects of economic and trade development and the expansion of cooperation between Oman and Iran.

The memorandum states to organize a trade agreement between the two countries in line with the volume of the developed trade relations as well as founding a naval company and a trade office for Oman at Bandar Abbas's port as well as finding out comprehensive co-operation between the Iranian exports promotion fund and the Omani development bank in order to improve trade exchange level.

The memorandum also states consent on encouraging exchanged investment between the two countries and the general agreement to avoid " increasing " taxation and approval to sign a custom agreement and expand co-operation between the chambers of commerce in the two countries.

The memorandum also states to expand co-operation in the fields of agriculture, fishery, fighting desetrification, oil, gas, tourism, sciences and sea sciences.