Iran inks trade agreement with Syria, explores boosting trade ties with more countries. PLUS: More from KSA, the UAE, Jordan, Qatar, Egypt and Kuwait

Iran + Syria ink trade agreement: Iran and Syria have inked a trade agreement and removed tariffs on goods traveling between them, semi-official news agency Mehr reports. The two countries are also planning to set up a joint economic zone in the near future, and to expand cooperation in the transportation sector, Mehr reported separately. Iranian Road and Urban Development Minister Mehrdad Bazrpash also expressed willingness to explore collaborating to reconstruct damaged railroads in Syria, and stressed the need to finalize the Tehran-Damascus railway project.

Iran + Tajikistan discuss expanding economic cooperation: Iranian Vice President and Head of Planning and Budget Organisation Mohammed Mokhber met with Tajikistan’s Finance Minister Kahhorzoda Faiziddin Sattor to discuss expanding trade and economic ties between the two countries, Mehr reports. The value of trade between the two countries rose to USD 280 mn in 2023, up from USD 23 mn in 2021. Iran proposed that the two countries increase their annual trade transactions to USD 500 mn.

Iran and Oman ink MoUs on investment and technology: Iran’s Industry, Mines, and Trade Minister Abbas Aliabadi and Oman’s Commerce Minister Qais Mohammed Al Yousef inked an MoU to promote joint investment at the Oman-Iran Joint Economic Trade Cooperation Commission, Mehr reports, Aliabadi also expressed Iran’s willingness to jointly implement key industrial projects with Oman, including cooperation in maritime transport projects.

ICYMI: Iran has announced it is looking to ink a preferential trade agreement with Oman to expand bilateral and economic ties.

Iran + Qatar to expand trade: Iran and Qatar agreed at the Iran-Qatar Joint Economic Cooperation Commission to expand annual trade to reach USD 1 bn, in Tehran, Mehr reports. The two countries aim to facilitate joint-venture production of goods, equipment, and services.

KSA + Bangladesh to expand trade: KSA plans to boost trade with Bangladesh in several sectors, including logistics and manufacturing, Daily Sun reports. At a meeting of the Saudi-Bangladesh Business Council in Dhaka, Private Industry and Investment Advisor to the Prime Minister Salman F. Rahman urged KSA businesses to expand investment in Bangladesh. To facilitate this, Bangladesh has allocated 300 acres of land to establish a special economic zone for Saudi Arabia in Bangabandhu Sheikh Mujib Shipla Nagar, according to Bangladesh Chambers of Commerce and Industry President Mahbubul Alam.

ICYMI:Last week, Saudi terminal operator Red Sea Gateway Terminal International (RSGT) inked a 22-year concession agreement with Bangladesh’s Chittagong Port Authority (CPA) for Patenga Container Terminal (PCT) in Chittagong.

KSA and Qatar talk boosting + diversifying trade ties:During a meeting of the Saudi-Qatar Joint Coordination Council, KSA’s Crown Prince and Prime Minister, Mohammed bin Salman bin Abdulaziz Al Saud, and Qatar’s Amir Tamim bin Hamad Al Thani met to discuss the importance of diversifying and increasing the volume of trade exchange between them, QNA reports. The two sides agreed to accelerate investment cooperation and economic integration as well as encourage entrepreneurship and technology development. The pair noted their willingness to discuss enhancing cooperation to develop transportation and its associated technology, including enhancing railway connectivity between the two nations.

Saudi Arabia and Vietnam are looking to increase the volume of trade, expand their trade products, and support trade initiatives, representatives of the Saudi-Vietnamese Joint Committee in Riyadh said last week, Saudi Press Agency (SPA) reports. The two sides will also work to increase collaboration in energy, industry, transport, agriculture, environment, investment, and other sectors.

Putin talks trade ties with the UAE in a whistlestop tour to the region: Russian President Vladimir Putin visited Saudi Arabia and the UAE last week to discuss trade and energy ties. The UAE is already Russia’s biggest trade partner in the Middle East and is “a major investor in the Russian economy,” with the two countries looking to focus on “development in energy, infrastructure, and high technologies,” Sheikh Mohamed said, according to a Kremlin readout.

Jordan inks five air service agreements: Jordan’s Civil Aviation Regulatory Authority (CARA) has inked five air service agreements at ICAN 2023 in Riyadh, KSA, according to a statement. The agreements remove restrictions on capacity for passenger and cargo flights, update tariff policies, and include provisions to enhance aviation safety and security measures, according to the statement.

Jordan held a total of 14 meetings with officials from Austria, Chad, Ivory Coast, Canada, the Dominican Republic, Turkey, the UAE, Iceland, KSA, Pakistan, the US, Costa Rica, Bangladesh, Mauritania, and Thailand. Jordan’s CARA has not disclosed which countries with which the agreements were signed.

ALSO WORTH KNOWING-

• Qatar’s General Civil Aviation Authority President Faleh Al Hajri inked an open skies air services agreement with Guatemala to operate unlimited cargo and passenger flights. Al Hajri also inked an MoU with Rwanda to enable their airlines to enter into trade agreements and enhance their air transport ties. (QNA)
• Egypt’s Housing, Utilities, and Urban Communities Minister Assem Al-Jazzar met with Oman’s OPAZ Chairman Ali bin Masoud al Sunaidi in Oman to discuss expanding cooperation. (Statement)
• Qatar’s QFZ Chairman and State Minister Ahmad Al Sayed met with Costa Rica’s Foreign Affairs Minister Arnoldo Andre Tinoco to discuss cooperation and the exchange of expertise in attracting investment. (Statement)
• Kuwaiti Commerce and Industry Minister Mohammad Othman Al Eyban met with Iranian Ambassador to Kuwait Mohammad Toutounchi to discuss expanding trade cooperation between the two countries and the provision of customs and port facilities to Iranian barge owners. (Mehr)