China’s commerce minister in Iran for economic talks

Business Materials 22 February 2014 13:12

Baku, Azerbaijan, Feb.22

By Fatih Karimov - Trend: China's commerce minister and a number of the country's economic officials are in Tehran to hold talks with their Iranian counterparts, the Mehr News Agency quoted Iran-China joint chamber of commerce vice chairman Majid Reza Hariri as saying on February 22.

The two sides are planned to sign a emorandum of understanding today. The Chinese commerce minister is scheduled to hold talks with Iranian industry and oil ministers.

A 110-member delegation of Chinese investors are planned to be in Iran on March 2 to participate in a conference on investment opportunities by the two countries.

The country exported $4.062 billion worth of non-oil exports including condensate to China during the first eight month of 2013, while importing $5.791 billion worth of goods from China, according to Iran Custom Administration's latest report.

China targeted a five percent decrease in Iranian oil imports for the current year, then Beijing would import about $15 billion worth of Iranian oil, whilst in case the two countries' non-oil trade turnover continues as much as the current rate, Iran's total exports to China would reach about $22 billion, while China would export $8.7 billion worth of goods to Iran.

Chairman of the Iran-China Joint Chamber of Commerce, Asadollah Asgaroladi predicted on October 6 that trade between Iran and China will decline by 20 percent in the current year, ISNA reported.

Bilateral trade, including oil, petrochemicals, and gas condensates amounted to $35 billion in the past year. However the figure will fall by 20 percent in the current year, Asgaroladi said.

In 2012, China invested $1.2 billion in Iran he said, adding that the figure dropped to $200 million in 2013. This means Iran will have about a $13 billion positive balance in trade with China in the current year.