FNA - Tehran and Masqat are eager to boost their trade ties up to $1bln, a senior Iranian economic official announced on Sunday.

"The volume of trade exchanges between the two countries are expected raise to $1bln by the end of this year," Head of Iran-Oman joint chamber of commerce Mohsen Zarrabi told FNA.

He also added that the volume of Iran's exports to Oman has increased 57% in the first six months of the current Iranian year (started on March 21) compared with the same period last year.

Zarrabi said that imports of goods from Oman to Iran have also shown a 264% increase in the past six months of the current year.

Iran and Oman have had good economic relations from old times and the ties have even expanded in recent years due to extended bank cooperation between the two countries.

Oman�s Minister of Commerce and Industry Ali bin Masoud al-Sunaidy said earlier this month that the removal of visa requirements for the citizens of Oman visiting Iran would boost commercial relations between the two countries.

The Omani minister made the remarks in Omani capital city of Muscat in a meeting with Iranian Ambassador to Oman Mohammadreza Nouri Shahroudi.

He added that the move could be considered as a significant step forward towards expanding tourism in both Iran and Oman. He went further adding that the visa removal further expands the friendly relations between the two nations.

The Iranian government announced on September 17 that Omani citizens can travel to Iran without visa.

Oman in return facilitated the visa issuing process using electronic 10-day visas which can be extended up to a year.