Trust with Iran must be rebuilt before economic cooperation can resume: Saudi Foreign Minister
Prince Faisal bin Farhan says regional security and confidence-building are essential
Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan said on Wednesday that trust between GCC countries and Iran must be rebuilt before any significant economic cooperation can resume, even as he welcomed a prospective US-Iran agreement that could help reduce regional tensions.
Speaking at an event hosted by the European Council on Foreign Relations (ECFR) in Vienna, Prince Faisal said the memorandum of understanding between Washington and Tehran could help end the recent conflict and create an opportunity to address broader regional security concerns, including Iran's nuclear programme.
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"I am hopeful, I am optimistic that there is real intent on both sides to give diplomacy a chance," Prince Faisal said, adding that any agreement would require robust verification mechanisms and long-term safeguards to ensure its durability and reassure regional countries.
The minister said recent Iranian attacks on Gulf Cooperation Council (GCC) states had severely damaged trust and reversed progress made since Saudi Arabia and Iran began restoring relations under a Beijing-brokered understanding.
"We were starting to gather momentum and were beginning to explore potential areas of economic cooperation. We are now actually regressed," he said.
Prince Faisal said rebuilding confidence and relations must precede any discussion of large-scale investment or economic partnerships with Iran. "Before we can look at that as an option, there's going to have to be a rebuilding of trust and a rebuilding of relationships," he said.
He added that Saudi Arabia had acted behind the scenes to encourage diplomacy and would continue supporting efforts to strengthen regional stability. He also stressed that any future agreement should address not only the nuclear issue but broader regional concerns, including freedom of navigation through the Strait of Hormuz and the rights of Palestinians.
"The idea that a purely military approach is viable in the long term is completely incorrect and is not going to be in the interest of anyone," he said.
