'Iran, China seek to up trade to $50bn'

The Islamic Republic of Iran and China seek to increase the value of their bilateral trade to more than 50 billion dollars in 2012, says an Iranian vice president. Mohammad Javad Mohammadizadeh made the announcement after a meeting with Chinese Deputy Prime Minister Li Keqiang on Sunday, IRNA reported. Given the historical ties between the two countries and the determination of both countries to further develop relations, the two sides expressed hope that the volume of bilateral trade transactions would surpass 50 billion dollars in 2012, he said. The Iranian official described the talks with the Chinese side as fruitful and noted that Tehran and Beijing share the same views regarding various international issues. During the meeting, the two sides also reiterated their countries’ support for the sovereignty and territorial integrity of other countries, the peaceful resolution of international issues, and the avoidance of coercion. The Iranian vice president is in China to attend the Boao Forum on the southern Chinese island of Hainan. The annual Boao Forum for Asia is a non-profit organization that hosts forums for leaders from Asia and other continents to share views on regional and international issues. Formally inaugurated in February 2001, the forum is committed to promoting regional economic integration and bringing Asian countries closer to their development goals.