BAKU, Azerbaijan, Apr. 1
By Elnur Baghishov – Trend:
Iran can triple its exports to China to $27 billion given the existing potential, Deputy Minister of Industry, Mine and Trade of Iran, Head of the Trade Promotion Organization of Iran (TPOI) Hamid Zadboum said, Trend reports citing the organization’s website.
Zadboum stressed that China ranked first in Iran's trade turnover in the last Iranian year (from March 20, 2020 through March 20, 2021). So, the value of Iran's exports to China amounted to about $9 billion, and imports from China - about $10 billion.
The chairman added that China had a trade turnover of about $4.7 trillion in 2020. For several years now, China has been the world's first exporter and second importer. If we take into account all the imports and exports of EU member states, it still does not reach China's trade turnover.
"If Iran sees China as a big economy, it must regulate its interests in the way it can benefit from this economy," he said.
The deputy minister noted that in recent years, Iran's exports to China were mainly raw materials for petrochemical and other sectors. Iran can turn raw materials into final products and earn additional revenue by using the opportunity and investing in infrastructure.
Zadboum the agreement signed between Iran and China covers all areas. Relevant contracts must be signed in each sector for its implementation. For example, contracts can be signed in the areas of oil, electricity, tourism, industry, mining, trade, technology, banking, finance, transport infrastructure.
According to the chairman, China currently has free trade contracts with 16 countries and regional associations. Iran can use such agreements. The free trade contracts provides for the interests of both sides within a certain period of time
On March 27, the foreign ministers of Iran and China signed a 25-year agreement on comprehensive cooperation between the two countries.
