RIYADH, 9 March 2003 — Saudi-Iranian Joint Economic Commission began a two-day meeting here yesterday at which two agreements aimed at boosting trade between Riyadh and Tehran are expected to be sealed.
Commerce Ministers Osama Faqeeh of Saudi Arabia and Muhammad Shariatmadari of Iran are co-chairing the annual meeting, whose venue alternates between Tehran and Riyadh.
Faqeeh, in an opening speech, hailed the sharp rise in trade between the Kingdom and Iran to $248.5 million in 2001 from $133 million in 2000. Trade was valued at just $95 million in 1999.
Faqeeh expressed hope that the two countries would sign a maritime transport agreement and another accord on the promotion and protection of investments. He called for exerting efforts to achieve a “qualitative leap in the economic, trade, investment and technical” relations between the two OPEC members.
Shariatmadari commended the improvement of ties in recent years and urged more cooperation between Muslim countries. Iranian President Muhammad Khatami, who visited Saudi Arabia in May 1999, has worked to improve Tehran’s relations with Riyadh since his 1997 election.
In April 2001, the two countries signed a security pact to combat drug trafficking and terrorism. The agreement covers cooperation against money laundering, and control of their borders and territorial waters in the Gulf.
