TEHRAN – The Iranian minister of trade Reza Fatemi Amin has said an agreement with Oman to allow preferential trade with the Arab country would help enhance bilateral economic ties.
During a meeting in Muscat with Oman’s Minister of Commerce, Industry and Investment Qais Al Yousef, Reza Fatemi Amin insisted that a preferential trade agreement (PTA) between Iran and Oman will significantly boost economic and trade relations between the two friendly nations.
He said that one of his senior deputies will organize and chair expert-level meetings with Omani authorities to discuss a potential deal and the list of products that could be covered by it.
Under a PTA, countries allow certain products to enjoy preferential trade access such as by reducing or removing tariffs.
Iran is currently in PTA arrangements with six countries as well as with members of the Russia-led EAEU bloc of Eurasian economies.
Iran has intensified its efforts to reach preferential or free trade deals with other countries as part of efforts to offset the impacts of American sanctions that were imposed on the country more than three years ago.
The minister and other Iranian government officials have called the tour a success, saying it is a sign that an administration that came to office in August is intent on expanding ties with neighboring countries.
Oman’s Al Yousef told Fatemi Amin during their Wednesday meeting that the sultanate will introduce major incentives for Iranians seeking to invest in Oman, including full ownership of property and long-term residency permits, according to remarks covered in a report by Iran’s ILNA news agency.