Iranian Vice President says the economic diplomacy of Iran places increasing importance on regional and multilateral mechanisms.

Iran and the Sultanate of Oman on Friday signed a joint economic cooperation agreement in the fields of the Preferential Trade Agreement (PTA) and customs cooperation.

Tehran, IRNA – The Iranian Minister of Industry, Mines and Trade, Mohammad Atabak, has said that the economic and trade potential between Iran and Oman, along with their cultural and emotional ties, forms the foundation for a strategic partnership aiming to advance significant economic and trade projects on an international level.

TEHRAN - Iran and Oman have signed a memorandum of understanding (MOU) on preferential trade and customs cooperation.

Trade between Oman and Iran has seen steady increase over the years. According to the National Centre for Statistics and Information, trade between the two countries reached RO335mn in 2023, reflecting a 4.7% rise from RO320mn in 2022. In 2024 by October, the trade volume surged to RO419mn, marking significant growth.

Iranian television unveiled an underground base of the Islamic Revolution Guard Corps (IRGC) Navy in the Persian Gulf that made immediate headlines. The facility, housing numerous fast-attack craft, was widely viewed as a critical component of Iran's naval strategy,

The base is located 500 meters underground in Iran’s strategic southern waters that comprise the Gulf, the Strait of Hormuz, and the Gulf of Oman

Iranian First Vice President Mohammadreza Aref says the economic diplomacy of Iran places increasing importance on regional and multilateral mechanisms.

In four weeks and across different regions, Gulf nations helped negotiate ceasefires, secure the release of captives, facilitate prisoner exchanges and resolve political stalemates, demonstrating how they have expanded their influence in diplomacy and international relations.

Military reserve forces in the Middle East make up an important component of any army within the region. These units provide additional manpower and capabilities to regular military forces, should the need arise.

There has been news that Iran is planning to shift its capital from Tehran in the north to another, yet to be decided location, in the southern coastal region of Makran. The move is under active consideration 'apparently' for geo-economic and environmental reasons,

Saudi Arabia is expected to significantly raise its official selling prices for crude oil to Asia in March due to tightening supply and rising benchmark prices.