Iran, China Eying $50bln in Trade

During the meeting on Boao on Sunday, the two officials discussed bilateral ties, and exchanged views over regional and international issues. Following the meeting, Mohammadizadeh told the Islamic republic news agency that the talks were "pleasant and beneficial", adding that the two countries are determined to expand relations. "In view of the historic relations between the two countries and the determination of their leaders to expand relations in various fields, both sides have expressed the hope to increase the volume of bilateral trade beyond $50 billion in the coming year," Mohammadizadeh said. Trade between the two countries in the past year was estimated at $45 billion. Mohammadizadeh said that at the meeting, both sides "stressed their support for the sovereignty and territorial integrity of the two countries, the peaceful resolution of differences, the avoidance of force and their opposition to unilateralism, while also emphasizing the multipolar nature of the world". China, like Russia, has consistently opposed the US pressures on Iran and the West's economic sanctions imposed on the Iranian financial sector and petroleum products. China has refused to comply with US requests to decrease oil imports from Iran and instead has increased its trade with the country. The US has announced that its sanctions will target countries that trade with Iran, but China has challenged this decision and refused to alter its policies.