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Iran, China eye currency swap

Business Materials 29 December 2015 18:37 (UTC +04:00)

Baku, Azerbaijan, Dec. 29

By Khalid Kazimov - Trend:

Iran and China are planning to sign a contract on currency swap, Iranian ambassador to China Ali Asghar Khaji said, Fars news agency reported.

"We have recently received a draft contract on currency swap between Iran and China and we will join efforts to sign it," he said.

China already has currency swap contracts with more than 37 countries, the ambassador said.

Saying that China is the world's largest exporter of goods, the ambassador went on to add that the volume of trade between the US and China stands at $500 billion and with Europe at $600 billion.

Speculating that the Westerners will enter Iran's market after the removal of sanctions, he called on the Chinese investors to compete in Iran's oil and chemical sector, as well.

He further added that Iran is seeking to join the Shanghai Cooperation Organisation.

Iran expects the international sanctions imposed by the West on its financial and industrial sectors to be lifted in early 2016, as it is adhering to the terms of a milestone nuclear accord inked between Tehran and the world powers in July.

Iran exported 17.56 million tons of non-oil goods, worth $5.33 billion to China during the first eight months of 2015.

Iran's non-oil exports to China witnessed a fall of 15.3 percent in terms of value while the volume of the Islamic Republic's non-oil exports to China decreased by 25.4 percent, according to Iranian Customs Administration latest monthly report published Oct. 4.

China was the main importer of Iranian goods in the mentioned period. Beijing's imports accounted for 22.7 percent of Iran's total non-oil exports in terms of value and 33.3 percent in terms of volume.

After China, Iraq (with $4.34 billion), the UAE (with $3.64 billion), India ($1.9 billion) and Afghanistan (with $1.67 billion) were the other four biggest importers of Iranian goods.

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