Advertising Console

    Non-oil trade volume between Iran & China to reach $20 bn a year


    by PressTV

    Boosting bilateral economic cooperation;

    Iranian Minister of Economic Affairs and Finance Ali Tayyeb-Nia and Chinese Commerce Minister Gao Hucheng signed a joint cooperation agreement during a meeting in Tehran. Under the agreement the two sides have agreed to increase the amount of non-oil trade to 20 billion dollars a year. The final document covers a wide range of grounds for cooperation such as industry, mine, energy, credit, finance, banking, health, transportation, shipping, agriculture, housing and urban planning, trade and communication.
    Meanwhile, during the Chinese minister’s visit to Tehran, the Chinese official met with Iran’s minister of industry, mine and commerce. After the meeting the two sides signed a Memorandum of Understanding. The two sides agreed to establish an Iran-China industrial township inside Iran.
    A delegation of 110 Chinese traders is scheduled to travel to Iran in March to attend a conference on Iran-China investment opportunities. The conference will discuss opportunities for the two countries to launch joint investments in other countries.
    But in 2013 the volume of trade ties between the two sides including oil transactions reached 40 billion dollars. The cooperation agreement and the Memorandum of Understanding were signed at the end of the 15th joint economic cooperation commission meeting of both countries. Under the agreement, china’s foreign direct investment in Iran is planned to reach 10 billion dollars in three years.