Iran, Qatar sign comprehensive co-op agreement at joint economic committee

TEHRAN – The 10th Iran-Qatar Joint Economic Committee meeting concluded on Thursday, December 12, in Doha, with officials from both nations pledging to enhance bilateral economic ties and increase trade to $1.0 billion annually.

The meeting, co-chaired by Iran’s Minister of Energy Abbas Ali-Abadi and Qatar’s Minister of Commerce and Industry Sheikh Faisal bin Thani bin Faisal Al Thani, focused on expanding cooperation across multiple sectors, including energy, infrastructure, and trade.

The event featured four specialized committees: Trade (covering commerce, banking, and insurance), Infrastructure (transport, agriculture, and ICT), Social and Cultural (tourism, health, and research), and Energy (water, electricity, oil, and gas). Over 60 representatives from public and private sectors of both countries participated in the discussions.

Ali-Abadi emphasized the strategic importance of the partnership, saying, “Today’s economic relations between Iran and Qatar require a strategic outlook.” He noted that current trade between the two countries stands at approximately $200 million annually, with plans to increase it fivefold to $1 billion in the near future.

The official further highlighted a significant energy project involving a 200-kilometer undersea power line to connect Iran and Qatar’s electricity networks. Initiated in March 2023, the feasibility study is in its final stages, with implementation set to follow approval.

“This project will revolutionize power transfer between the two nations during peak demand periods and enable electricity transit to third countries,” Ali-Abadi stated.

He also expressed Iran’s readiness to welcome Qatari investors, envisioning mutual investments of at least $1 billion annually. Key focus areas include energy, transport, free trade zones, tourism, healthcare, and agriculture.

The Iran-Qatar Joint Economic Committee, established in 1995, has facilitated significant achievements, particularly in water and electricity sectors. The 10th session underlined both nations’ commitment to translating agreements into tangible outcomes and fostering regional cooperation.

At the end of the meeting, the two sides signed a comprehensive cooperation document to determine the framework of cooperation in the coming year.

EF/MA

Photo: Iranian Energy Minister Abbas Ali-Abadi (L) and Qatar’s Minister of Commerce and Industry Sheikh Faisal bin Thani bin Faisal Al Thani sign cooperation agreement on Thursday, December 12, in Doha.