Economy, Domestic Economy

Sanctions Removal “Won’t Affect China Trade”

Sanctions Removal “Won’t Affect China Trade”Sanctions Removal “Won’t Affect China Trade”

The lifting of sanctions imposed by the West over Iran’s nuclear energy program will not affect Iran’s trade relations with China, says head of Iran-China Chamber of Commerce, Asadollah Asgaroladi. “Iran views China as a long-term partner and any restoration of trade ties with western countries will not damage this partnership,” he was quoted as saying by ISNA. Sanctions led to a considerable growth in Iran’s trade with China as much as they hurt Tehran’s trade relations with European countries. Many experts believe the July nuclear deal reached between Tehran and world powers, which stipulates the removal of sanctions in the upcoming months, will reduce Iran’s trade ties with Beijing as European countries will make a comeback to resume business with Iran. “It will take time for the mistrust between Iran and the West to be overcome, while China has already been cooperating with Iran in economic activities,” Asgaroladi said. Iran-China trade in the first nine months of 2015 fell 34% compared with last year’s corresponding period to stand at $26.67 billion, according to China’s General Administration of Customs data. Imports from China declined 26% to stand at $13.8 billion, while exports stood at $12.88 billion, registering a 41% drop, the data show. The decline is mostly due to falling global oil and commodity prices as well as recession in China.