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Tehran ranks Dubai's 2nd trade partner

Source: Press TV

Despite a host of US-engineered sanctions targeting Iran, Tehran has become Dubai's major trade partner after India, official statistics of the United Arab Emirates' Customs show.

"Despite sanctions, Iran tops Dubai's economic partners list," executive director of UAE Customs said.

Tehran and Dubai's trade volume exceeded $13 bn in 2009.

According to the report, Iran constitutes the Persian Gulf state's second trade partner after India, irrespective of US-backed UN sanctions against the Islamic Republic.

This is while Dubai's foreign non-oil trade volume has surpassed $118 billion with a 19% increase compared to 2009, the official statistics of UAE Customs suggest, Fars news agency reported on Sunday.

Amid the West's allegations that Iran is pursuing a military nuclear program, the UN Security Council imposed a fourth round of sanctions against the country's financial and military sectors.

The US-backed UN sanctions seemed not to satisfy the US; therefore shortly afterwards, Washington and its allies slapped unilateral sanctions on Tehran as a punitive measure against Iran's nuclear program.

Iran refutes the Western charges, arguing that as a signatory to the Nuclear Non-Proliferation Treaty, Tehran has the right to use peaceful nuclear energy.

The imposed sanctions also prohibit international trade firms from continuing economic relations with the Islamic Republic.

However, a number of Russian, Turkish, Chinese and German firms' willingness to expand ties with Iran, sparked debates in US Congress over how long European firms would agree to lose revenues over political sanctions.

Immediately after the imposition of sanctions on Iran, Russia slammed US and Europe for the move, warning them against risking Russian business interests.

Russian ambassador to the EU Vladimir Chizhov expressed opposition to the embargo.

"We do not support them. We think they are totally wrong in substance and in tactics," Chizhov told reporters in Brussels in July.

... Payvand News - 12/13/10 ... --

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