Iran’s Ministry of Foreign Affairs said the value of trade between Iran and GCC stands at USD30 billion a year, according to a Tehran Times report.
The main trading partners with Tehran from the Gulf Cooperation Council (GCC) are the UAE and the Sultanate of Oman. The main imports from Iran include oil, food products, handmade carpets and agricultural products. Also UAE, Afghanistan, Iraq and China are the main importers of Iran’s urea fertiliser, polyethylene and tar.
Both Iran and the GCC countries trade more with developed countries than with each other or with other developing countries. The trade reached a peak of $10.7 billion in 2008 and decreased to $7.3 billion in 2009.
Every new round of sanctions by the international community has provoked a series of countermeasures and the impact of this back-and-forth has become highly visible in the economic relations between Iran and GCC. However, diplomatic and strategic concerns are likely to play an important role.