Trade

The UAE and European Union’s trade with Iran could reach up to $59 billion by 2018 following the easing of economic sanctions imposed on Tehran, according to the organisers of a major maritime conference.

The team behind Seatrade Maritime Middle East said the UAE is Iran’s largest non-oil trading partner and is also Iran’s largest source of imported goods, worth about $27.3 billion.

The UAE accounted for 96.7 per cent of GCC exports to Iran in 2013. As far as GCC imports from Iran go, the UAE accounts for more than 62 per cent, with Oman taking 26 per cent, they added.

And by lifting sanctions it potentially increases Iran’s oil exports revenue to $10 billion by 2017, boosts its GDP growth from zero to 5 per cent, and allows up to $30 billion of foreign reserves, which are currently frozen, to be brought back into the country.

“With the majority of US secondary sanctions and EU sanctions already removed, this is a milestone moment in the growth of our industry, opening up a wealth of trading opportunities as well as investment opportunities to support Iran’s maritime sector, particularly infrastructure development,” said Andrew Williams, the General Manager at Seatrade.

The conference, now in its eighth year, takes place from October 31 to November 2 at the Dubai World Trade Centre. It will host discussions of Iran’s active pipeline of infrastructure and oil and gas projects.

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