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Official: Iran-China annual trade over $45 billion

Iran Materials 6 July 2012 14:39 (UTC +04:00)

Azerbaijan, Baku, Jul.6/ Trend F.Milad/

The value of trade turnover between Iran and China is currently more than $45 billion, a member of the Iran-China Joint Chamber of Commerce stated.

Yaqoub Estilaf told the IRNA News Agency that Iran is planning to benefit from Chinese technology in small scale and parent industries.

Iranian Industry, Mine and Trade Minister Mehdi Ghazanfari has proposed China to define a roadmap for bilateral cooperation in different fields during the next decade.

Iran has launched joint industrial projects with China, Ghazanfari said, adding that cooperation should be expanded in mining and exploration fields, the Mehr News Agency reported.

Trade between Iran and China soared by 55 percent on year to exceed 45 billion dollars in 2011, AFP quoted Tehran's envoy to Beijing as saying in February.

Ambassador Mehdi Safari said that the annual trade figures showed a 16 billion-dollar increase in commercial ties with China since 2010, the IRNA News Agency reported.

China is Iran's top trade partner, with economic ties expanding in recent years partly thanks to the withdrawal of Western companies in line with sanctions against the Islamic republic over its nuclear program.

The Asian economic giant has also significantly strengthened its presence in Iran's oil and gas sector by signing a series of contracts worth up to 40 billion dollars in the past few years, in place of Western firms.

Iran is the third largest provider of oil to China.

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