UAE, Iran rare economic commission set to convene in Abu Dhabi

A rare joint economic commission between the United Arab Emirates and Iran will convene in Abu Dhabi from Tuesday to Wednesday, according to Reuters citing The Iranian Labour News Agency. This marks the first meeting in a decade for the bilateral Joint Economic Cooperation Commission.

According to Reuters, Tehran aims to strengthen economic ties with Gulf states amidst increasing US pressure.

Iranian Minister of Roads and Urban Development Mehrdad Bazrpash and Emirati Minister of Economy Abdulla Bin Touq Al Marri will be in attendance.

Diplomatic relations between the UAE and Iran were downgraded after Riyadh cut ties with Tehran in 2016, following the storming of the Saudi embassy in Iran by hardline protesters over the execution of a prominent Shi’ite cleric. However, the UAE began re-engaging with Tehran in 2019, leading to upgraded diplomatic ties last year.

Moreover, the UAE has a long history of business and trade ties with Tehran, dating back over a century, with the Dubai emirate as one of Iran’s primary links to the outside world.

During the meeting, the ministers are expected to focus on co-operation in international trade corridors, while private sector representatives will discuss trade and investment.

According to Reuters citing Iran’s Customs body, the UAE was Iran’s top source of imports, with $20.8 billion worth of goods imported in the last fiscal year ending in March 2024. Similarly, the UAE ranked as Iran’s third-largest export destination, with $6.6 billion worth of goods exported during the same period.