Iran-Saudi Arabia fourth joint economic commission

Visiting Saudi Minister of Commerce Usama Ibn Jaffar Ibn Ibrahim Faqih and his Iranian counterpart Mohammad Shariatmadari in Tehran Tuesday opened the fourth meeting of the Iran-Saudi Arabia Joint Economic Commission, IRNA said.

Ibn Faqih put last year's volume of bilateral trade exchanges at US dollars 498 million and stressed the need to explore further available capacities.

IRNA reported that "Ibn Faqih said the exchange of diplomatic and trade delegations between Tehran and Riyadh showed an interest by both sides to speed up developing bilateral ties. He hoped the conclusion of an agreement in the fourth joint economic commission would pave the way for setting up the Tehran-Riyadh Commercial Council. The Saudi commerce minister highlighted the need for establishing a shipping line between the two countries to boost bilateral ties."