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Iran, Saudi Arabia keen to expand economic cooperation

DHAHRAN, Saudi Arabia (IRNA) -- Iran's economic attaché in Saudi Arabia, Hamid Zadboum, said here Wednesday that Sabec (the Saudi Arabian General Investment Authority) and Iran's National Petrochemical Company will discuss a joint economic project.

Speaking on the sidelines of Dhahran's Sixth Exclusive Fair, he said that this is the second joint agreement to be signed between the two states after the one inked on establishment of a tire production factory.

Turning to the bright prospect of such collaboration, he put Iranian-Saudi trade exchange last year at half a billion dollars.

Zadboum noted that the seventh commerce ministers meeting of Iran-Saudi Arabia Economic Commission will be held in Riyadh in late February.

According to him, during the upcoming conference, several agreements will be signed between the two states including one on tourism and another on mutual support for joint investments in both countries among others.

"Besides, the two sides will discuss air transport and marine shipment of goods, Iran's free trade with the Persian Gulf Cooperation Council members, continuing Iran-Saudi Arabia credit line and eliminating dual taxation will be on the agenda of the meeting," he added.

He referred to the first meeting of Iranian-Saudi tradesmen in Tehran and said that the second such session will be held on the sidelines of the seventh gathering of the joint commission.

The joint economic commission was formed in 1998 and consists of five committees specialized in various fields Zadboum also referred to Iran's exclusive fairs to be held in Saudi Arabia as a significant step towards expansion of cooperation between the two states.

Iran's Sixth Exclusive Trade Fair opened in Dhahran, Eastern Saudi Arabia on Monday.

The latest products of forty Iranian companies including home appliances, minerals, handicrafts, carpet and mats, metals, building materials, textiles, foodstuff, dried fruits and saffron are on display at Dhahran Trade Fair.

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