Tasnim � Iran�s Minister of Industry, Mine and Trade Reza Rahmani highlighted efforts to boost the country�s economic cooperation with Oman and said the two countries plan to increase the annual bilateral trade by five times to $5 billion.

Speaking at the 18th meeting of the Iran-Oman joint economic commission in Tehran on Saturday, Rahmani said the delegation, which is accompanied by representatives of the Omani private sector, traders and exporters, is the largest ever delegation coming from the Arab country in recent years.

He further expressed hope that the two sides would use this opportunity and boost cooperation between the private sectors of the two countries.

In recent years, trade between Iran and Oman has been on the rise, but the current volume of trade is not commensurate with the interests and capacities of the two countries and should be increased, the minister stated.

There is a capacity to increase the annual bilateral trade between Iran and Oman, which is currently $1 billion, to $5 billion, Rahmani went on to say.

Iran and Oman share age-old and close diplomatic, economic, and commercial ties.

Oman�s Sultan Qaboos bin Said Al Said played an important role in facilitating the early stages of nuclear talks between Iran and the world power which resulted in the 2015 nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA).

Iran and Oman have also held several naval exercises in the Persian Gulf and the Sea of Oman in recent years.

On April 19, high-ranking military officials from Iran and Oman signed a memorandum of understanding (MoU) to boost cooperation between the two neighboring countries in various military spheres.