Economy, Domestic Economy

Iran, China Sign Trade MoUs

Iran, China Sign Trade MoUsIran, China Sign Trade MoUs

Iran and China have signed a series of memorandums of understanding to facilitate bilateral trade. The documents were signed in a meeting between Iranian and Chinese businesspeople and officials in Tehran on Tuesday, IRNA reported. Trade Promotion Organization of Iran, affiliated to the Ministry of Industries, Mining and Trade, signed agreements with the China Council for Promotion of International Trade and Jinjiang Chamber of Commerce to facilitate trade and investment between Tehran and Beijing.  Also, private businesses of the two countries signed multiple MoUs, including agreements to manufacture LED lamps and floodlight. TPOI chief, Valiollah Afkhamirad, said Iran could be a base for the manufacture and exports of Chinese products. “We have the capacity of allocating some of our companies to Chinese brands for manufacturing their products before exporting them to other countries. This way Chinese companies will not have to deal with the risk of new investments to expand their markets,” he said. Tehran and Beijing have pledged to increase bilateral trade tenfold to reach $600 billion over the next 10 years.