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Iran, Saudi Arabia sign MoU in seven fields

Tehran, March 15, IRNA -- The Iran-Saudi Arabia Joint Economic Commission's 6th session concluded work here Sunday with the sides signing a memorandum of understanding in seven fields.

The MoU was signed by Saudi Arabian Minister of Commerce and Industry Hashim bin Abdallah bin Hashim Yamani and his Iranian counterpart Mohammad Shariatmadari.

According to the MoU, the two sides have agreed to sign documents evidencing their joint intention to avoid double taxation, boost and support investment, customs, air, ground and marine transport, and tourism. The two sides will also be signing documents on cooperation to establish an export guarantee fund and set up new cities in their border areas.

Iran and Saudi Arabia inked a document for cooperation in the area of enforcing quality control and product standardization on the first day of the sixth round of their Joint Economic Commission.

The two sides also reached agreements for cooperation in their economic, commerce, investment, technical, health, agriculture, standards, culture, science, Hajj and pilgrimage, information, sports and youth, transport, communication and energy and trade delegation committees.

Signing the Mou, Shariatmadari said that in this sixth session of the two countries' joint commission, the representatives of their private sectors held fruitful negotiations on wider bilateral cooperation in the near future and establishment of joint ventures.

He expressed satisfaction over the drafting of the MoU and hoped the first copy of the document would be signed before the start of the seventh session of the commission through exchange of delegations of trade and economic representatives.

The Saudi minister, for his part, said Tehran and Riyadh have arrived at positive agreements to expand bilateral cooperation after two days of discussions on various issues.

He voiced his country's determination to encourage cooperation between the two countries' various sectors toward implementation of projects that have been agreed upon, saying Saudi Arabia will do its utmost to materialize and boost such cooperation.

The sixth session of the Iran-Saudi Arabia Joint Economic Commission was held in Tehran on March 13-14.

... Payvand News - 3/15/04 ... --

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