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Iran, China sign deal on e-commerce

Business Materials 5 July 2017 12:08 (UTC +04:00)

Baku, Azerbaijan, July 5

By Fatih Karimov– Trend:

Iran and China signed a memorandum of understanding for cooperation in e-commerce, IRNA news agency reported July 5.

The deal was signed between Iran’s deputy ICT minister and Post Company's CEO Hossein Mehri and his Chinese counterpart, in Tehran.

Iran is one of the world's biggest untapped e-commerce markets. The sector constitutes at best about 0.7 percent of GDP, according to unofficial figures, much less than in neighbouring countries such as Turkey and the UAE. But it has massive potential, say analysts.

The country has lost hope to connect to international credit card services, including MasterCard and Visa, despite the initial optimistic statements following the removal of international sanctions last year.

Iranian officials had already said the country is preparing a ground for the people to use credit cards provided by Asian banks until the restrictions for using the international electronic payment operators, like Visa and MasterCard, are removed.

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