Iran, China set to up trade to $200bn

Iran and China plan to increase their annual trade to $200bln, director of the Trade Promotion Organization of Iran (TPO) Valiollah Afkhami Raad said. Afkhami Raad said that based on the targets set by the presidents of Iran and China, trade transactions between the two countries should reach $200bln per annum in 10 years, press tv reported. The establishment of joint venture companies can contribute to the promotion of trade ties between Iran and China, he further said. The Iranian official went on to say that Chinese can invest in various sectors in Iran, including steel, mines, transportation, agriculture, oil, gas and the petrochemical industry. He also said Tehran-Beijing trade reached $40bln in 2013. A 100-member delegation of Chinese investors is currently in Iran to further explore investment opportunities in the country. In an address to the Iran-China investment opportunities forum on Sunday, Iran’s Minister of Industries, Mines and Trade Mohammad Reza Nematzadeh said Tehran and Beijing enjoy great potential to increase mutual trade transactions, calling for the promotion of bilateral economic exchanges. The Chinese trade delegation’s visit is a good sign for the improvement of trade relations between the two countries, added the minister. China, as Iran’s biggest economic partner, is of great importance in Iran’s foreign policy. The Islamic Republic of Iran is currently China's third largest supplier of crude, providing roughly 12 percent of China’s annual oil consumption.